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 London time today.
Long Trade 1
- Go long after the next bullish price action rejection following a first touch of 1.2839.
- Place 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
- Go short after the next bearish price action rejection following a first touch of 1.3050 or 1.3082.
- Place 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
This pair did not really go anywhere yesterday, and is again selling off from the 1.3000 area. Another downwards movement looks likely to happen today.
A short trade following a pullback to the area above 1.3000, ideally 1.3050, would probably be the best possible set-up scenario.
There is nothing due today concerning either the CAD or the USD. It is a public holiday in the U.S.A.