Last Thursday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may be taken until 5pm New York time today only.
Long Trade 1
- Go long after the next bullish price action rejection following a first touch of 1.2000.
- 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 Trade 1
- Go short after the next bearish price action rejection following a first touch of 1.2256.
- Place 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
There is little say about this pair, apart from the fact it is currently consolidating and going nowhere. It might begin to fall, as it has already failed a few times close to the nearest key resistance level at 1.2256. This would be in line with the long-term bearish trend, so it is a slightly likelier scenario than another rise over the short-term.
There is nothing due today concerning either the CAD or the USD.