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USD/CAD Forex Signal - 13 March 2018

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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 between 8am London time and 5pm New York time today.

Long Trades

  • Go long after the next bullish price action rejection following the next touch of 1.2785 or 1.2732.

  • 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.

  • 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

  • Go short after the next bearish price action rejection following the next entry into the zone between 1.2890 and 1.2909.

  • 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.

  • 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

I had no bias yesterday. This turned out to be the correct approach as almost nothing happened with this pair. It was a very quiet trading day, the price moved little, and the movement was technically insignificant. The price is almost equidistant from either support or resistance, so it looks like a wise course of action would be to stand aside until one of these levels are reached. There are likely to be better opportunities in other currency pairs in the meantime.USDCAD

Regarding the USD, there will be a release of CPI data at 12:30pm London time. Concerning the CAD, the Governor of the Bank of Canada will be speaking at 2:15pm.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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