Last Thursday’s signals were not triggered as none of the key levels identified were reached that day.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am London time and 5pm New York time today only.
Long Trades
Go long after the next bullish price action rejection following a first touch of 1.3423 or 1.3356.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Go short after the next bearish price action rejection following a first touch of 1.3550.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
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
Long-term charts show a long-term trend which is technically bullish, but restrained, without large and extensive price movements. Recent days have seen stronger bullish moves and every meaningful support level has continued to hold, so the important signs are bullish. However, we have had a new resistance level print and hold, at 1.3482, which is the first sign that a deeper pull back might be about to happen. The next move will probably depend upon which is broken first, either 1.3482 (bullish) or 1.3423 (bearish).
There is nothing due today concerning either the CAD or the USD.