USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was insufficiently bullish price action at 1.3362.
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 1.3216.
Place 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
Short entry after the next bearish price action rejection following a first touch of 1.3362.
Place 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
The Canadian Dollar was strong last week and got even stronger as the U.S. Dollar weakened. This pair was active last week - it was driven by the sharp change in the price of crude oil. However, the market’s focus has moved elsewhere now so it is likely to have a quiet day.
The chart still looks bearish even though the USD is recovering a little right now.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time.