USD/CAD Signal Update
Last Thursday’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 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 1.2963 or 1.2911.
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 1.3121 or 1.3189.
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
There has been no real change in this pair for many days now: it is still all about the supportive area around the psychologically crucial 1.3000 area and this has still not been properly breached to the down side. If it holds (even though it is no longer a sharp, exact level), there is hope for bulls to push the price up from this area again.
There is not really any long-term trend in this pair.
There is nothing due today concerning either the CAD or the USD.