Last Thursday’s signals were not triggered as none of the key levels were reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
- Long entry after the next bullish price action rejection following a first touch of 1.2839.
- Put 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 Trade 1
- Short entry after the next bearish price action rejection following a first touch of 1.3050.
- Put 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 straightforwardly bearish outlook continues, with the price having sold off again from the 1.3000 area, which I have been highlighting over the past few days. This is one of the most straightforwardly trending of all the USD currency pairs, so I again see shorts from above 1.3000 (ideally 1.3050) as the best potential trade setup following a bullish pull back.
There is nothing due today concerning either the CAD or the USD.