Last Thursday’s signals were not triggered as none of the key levels were ever 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 1.3356 or 1.3284.
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 Trades
No short trade is given today.
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 has been very bullish over recent days and it continued to rise on Friday. However, we have seen the beginning of a sell-off which includes a bearish formation of an effective lower high at the whole number just above the current price at 1.3400, so it looks as if there is now going to be a bearish move, at least over the short-term. The chart below gives a clear picture of just how extraordinarily bullish this pair has been over recent days, putting a long-term bullish trend in place.
There is nothing due today concerning either the CAD or the USD.