Yesterday’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 1.3423 or 1.3356.
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 1.3482 or 1.3550.
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
The situation is unchanged from yesterday. The 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 still bullish. The next move will probably depend upon which is broken first, either 1.3482 (bullish) or 1.3423 (bearish).
There is nothing due today regarding the CAD. Concerning the USD, there will a release of PPI data at 12:30pm London time.