USD/CAD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were reached during that session.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trade 1
Long entry after the next bullish price action rejection following a first touch of 1.3073.
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 1.3215 or 1.3294.
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 difficult to predict as its long-term action shows choppy moves without any clear overall trend. The key levels that can be picked out from a chart are few and far between. The action right now looks bearish, but the price is approaching a supportive trend line (which admittedly does not look very strong) and a key support level at 1.3073. A break below this area would be a bearish sign.
There is nothing due today concerning either the CAD or the USD.