USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 1.3253.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken before 5pm New York time today.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3189 or 1.3152.
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 1.3316 or 1.3398.
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
This pair was the strongest mover of last week, in a bearish direction. The USD was mostly weak and the CAD was strong.
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.
The longer this level will hold, the more likely we will see an upwards movement gather strength.
There is nothing due today regarding either the CAD or the USD.