USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken 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 1.3031.
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
Short entry after the next bearish price action rejection following a first touch of 1.3189 or 1.3215.
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
There is very little to say about this currency pair. The price is in the middle of no-man’s land and looks aimless. I do not see any opportunity here and still the most important thing on the chart remains the support at 1.3000. Things should get more interesting with the release of important data concerning both currencies later today.
Concerning the CAD, there will be a release of GDP data at 1:30pm London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.