USD/CAD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trade 1
* Go long after the next bullish price action rejection following a first touch of 1.3216.
* Put 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
* Go short after the next bearish price action rejection following a first touch of 1.3362, or the bearish trend line currently sitting at about 1.3295.
* Put 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 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 USD. Concerning the CAD, there will be a release of Trade Balance data at 1:30pm London time.