USD/CAD Signal Update
Last Thursday’s signals were not triggered as the bullish action took place a little below 1.3051.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken between 8am and 5pm New York time today.
Long Trade 1
Long entry after the next bullish price action rejection following a first touch of 1.3031.
Place 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
Short entry after the next bearish price action rejection following a first touch of 1.3161.
Place 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.
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
Despite the mild strength of the U.S. Dollar since this week has opened, this pair is struggling to rise and looks firmly capped at 1.3161. This suggests that the best opportunity which may arise here soon would be a short trade upon a bearish reversal rejecting that level. Below, the 1.3000 are is probably going to continue to be key psychologically and if it breaks down, any trace of the long-term bullish trend will be well and truly finished.
There is nothing due today regarding the CAD or the USD. It is a public holiday in the U.S.A.