USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3082 or 1.3052.
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 1.3152 or 1.3189.
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 overall picture has changed from a solid and steady bearish trend to one of consolidation between key levels. This does not mean the trend is over it is just coming into question, but that is not surprising as we have very key U.S. data coming later today.
The closer we get to 1.3000, the more likelihood of a bullish reversal.
There is nothing due today regarding the CAD. Concerning the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time, followed later by Crude Oil Inventories at 3:30pm. Finally, we will get the FOMC Statement, Economic Projections and Federal Funds Rate at 7pm.