Last Thursday’s signals were not triggered, as none of the key price levels were ever reached.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be entered between 8am London time and 5pm New York time today.
Long Trades
Go long after the next bullish price action rejection following a first touch of 1.2709 or 1.2693.
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 Trade 1
Go short after the next bearish price action rejection following a first touch of 1.2860.
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
There is still no clear trend in this pair, and overall there are probably going to be better opportunities in other currency pairs. The short-term trend can be said to be a little bullish, with the price gradually rising from a supportive zone centred on 1.2700. It now looks as if the best possible trade which might set up here today would be a short trade from a spike up to 1.2860, but this is very unlikely to happen today. I would ideally avoid trading this pair today. I have no directional bias.
There is nothing important due today concerning either the CAD or the USD.