USD/CAD Signal Update
Last Thursday’s signals were not triggered as neither of the key levels were reached that day
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry after the next bullish price action rejection following a first touch of 1.3060.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trades
Short entry after the next bearish price action rejection following a first touch of 1.3141 or 1.3190.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/CAD Analysis
The picture continues to be bearish, with the Canadian Dollar really the only currency that is stronger than the U.S. Dollar in any kind of meaningful long-term way.
The price keeps travelling downwards unspectacularly, but firmly.
The trend line is holding the price but I prefer to look to key levels for reversals.
A change in volatility should be spotted before considering going long as it seems to be a firm trend.
There is nothing due today regarding either the USD or the CAD