Last Thursday’s signals were not triggered as there was no bearish price action at 1.3268.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trade 1
• Long entry after the next bullish price action rejection following a first touch of 1.3210.
• 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
• Short entry after the next bearish price action rejection following a first touch of 1.3359 or 1.3381.
• 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
The picture is uncertain, with no long-term trend and a questionable narrowing triangle, which is shown in the chart below. Reversals from key levels are difficult to trade with this pair, so due to that and the unclear technical situation, there are likely to be better opportunities elsewhere.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time.