USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.3563.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trade 1
Go long after the next bullish price action rejection following a first touch of 1.3563.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Go short after the next bearish price action rejection following a first touch of 1.3639.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/CAD Analysis
This pair remains the most interesting in the market, as it has been showing a steady trend over recent days, in the bullish direction.
That continued even in yesterday’s thin market, with the resistance level at 1.3563 being broken and seeming now to be acting as support.
However, if the price does not start to rise more meaningfully during the first half of the London session, I would expect a period of consolidation to begin, but that would not invalidate the medium and long-term bullish trends.
There is nothing due today regarding either the CAD or the USD.