USD/CAD Signal Update
Yesterday’s signals were not triggered as the price action at 1.3398 was insufficiently bullish to give a long trade entry.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken until 5pm New York time today.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3398 or 1.3315.
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 Trade 1
Short entry after the next bearish price action rejection following a first touch of 1.3550.
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.
USD/CAD Analysis
The weakly bullish picture continues, with the support level at 1.3398 holding during a relatively quiet trading day for this pair yesterday. The longer the price hovers at this support the less reliable it becomes, but I would still be prepared to use it today to trigger a long trade.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of FOMC Meeting Minutes at 7pm London time.