USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during the session.
Today’s USD/CAD Signals
Risk 0.50% 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 1.3316.
* 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 1.3461, 1.3477 or 1.3515.
* 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
I wrote yesterday that the level at 1.3398 had become new support, but I was not very optimistic that it would hold. I was right, and the price has broken back below that level. It might now act as resistance if it is retested from below.
Crude Oil is recovering, which should take the shine off this pair’s recent rise.
The trend is indeterminate and any near-term opportunities in the Forex market will probably present themselves in other currency pairs.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.