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 until 5pm New York time today.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3356 or 1.3284.
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
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 was the strongest mover of all the notable Forex currency pairs last week. However, it seems now as if it is consolidating around the 1.3400 level. Bulls should remain encouraged as the nearest support level has not even been touched, let alone broken. If it is reached, there could well be another good opportunity to get long. There are no key resistance levels anywhere near the current price.
There is nothing due today concerning the USD. Regarding the CAD, there will be a release of Trade Balance data at 1:30pm London time.