USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.3031.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today only.
Open trades should be protected before 6:30pm London time.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3053 or 1.2963.
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 1.3189 or 1.3215.
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
This pair is starting to look more bearish, but it must be noted that the price rose sharply from the area below 1.3000 and was not able to remain down there for long. A sustained break below 1.3000 will be a bearish sign, if it comes, of a long-term downwards trend. This price area is a key pivotal point.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, ISM Manufacturing PMI at 3pm, Crude Oil Inventories at 3:30pm, and the FOMC Statement and Federal Funds Rate at 7pm.