USD/CAD Signal Update
Last Thursday’s signals produced an excellent short trade following the bearish inside candle rejection of the resistance level at 1.3550. As the price is now basing off support, it would be a good idea to take any remaining profit off the table.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades must be entered from 8am to 5pm New York time today only.
Long Trade 1
Go long after the next bullish price action rejection following a first touch of 1.3398.
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 Trade 1
Go short after the next bearish price action rejection following a first touch of 1.3550.
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.
USD/CAD Analysis
Weakly bullish with both key support and resistance levels looking reliable. A sustained break above 1.3460 would probably be a sign that the bullish trend is resuming.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time