Last Thursday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered from 8am to 5pm New York time today only.
Long Trade 1
Go long after the next bullish price action rejection following a first touch of 1.3290.
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 entry into the zone between 1.3399 and 1.3423.
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
There is no long-term trend, but we see the price starting to firm up just above a key support level at 1.3290, and at the time of writing it looks as if a bullish double bottom is forming just above the round number at 1.3300. The pair looks poised to rise over the short-term if the U.S. Dollar does not sell off, but will probably not be able to break up past the nearest resistance at 1.3400 on a slow news day such as today.
There is nothing due today regarding either the CAD or the USD.