Last Thursday’s signals were not triggered, as the price did not reach either of the key levels during the specified session
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
Go long after the next bullish price action rejection following a first touch of 1.2774.
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 1.3050.
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
The end of last week saw this pair complete a broad double top pattern at about 1.2900. The price has been falling since then, printing new resistance levels. The price is a long way from clear support, and although the pace of the downwards move has slowed, this suggests that the price is more likely to keep moving down. The problem is that the pace has slowed considerable, suggesting indecision. As there is no long-term trend in this pair, the overall verdict is that predicting the next movement is extremely difficult, so it will probably be better to look at other currency pairs today for better opportunities. However, a clearly bearish rejection of 1.2781 soon after the London open might produce a good short trade opportunity.
There is nothing due today concerning either the CAD or the USD.