USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at either of the key resistance levels which were reached during that session.
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 1.3316 or 1.3253.
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 1.3398.
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 recent boost in the USD was felt especially strongly in this pair even though the CAD had been one of the strongest currencies of all during the past few weeks.
The upwards move was capped with a climax peaking at the key level of 1.3398, and the price is now ranging bullishly with support at 1.3316. Long trades off that level look to be the most attractive possibility for now.
There is nothing due tomorrow concerning either the CAD or the USD.