USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached during that session.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades must be entered between 8am and 5pm New York time today only.
Long Trades
Go long after the next bullish price action rejection following a first touch of 1.3189 or 1.3152.
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 Trades
Go short after the next bearish price action rejection following a first touch of 1.3316 or 1.3398.
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.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CAD Analysis
I wrote yesterday that “the USD is now finding some strength and this pair seems to be bottoming out from its recent downwards move from the support level at 1.3189. This is also the boundary at which we would really have to say the weakly bullish long-term trend is over if it were breached to the down side.”
This situation has held unchanged. It looks even more as if the price is going to make a short-term move up and not downwards.
There is nothing due today regarding either the CAD or the USD.