USD/CAD Signal Update
Yesterday’s signals were not triggered, as there was no bearish price action at the trend line.
Today’s USD/CAD Signals
Risk 0.75% 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 1.3254 or 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 Trades
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 situation is looking more bullish, as we have a supportive Quasimodo with a new floor at 1.3254 which has pushed up the price beyond the closest bearish trend line. However, price action has also given us a new resistance level at 1.3312. It is too early to see what is most likely to happen next.
Regarding the CAD, there will be a release of the Bank of Canada’s Rate Statement and Overnight Rate at 3pm London time. Concerning the USD, there will be a release of Crude Oil Inventories at 3:30pm.