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 1.2909, 1.2890 or 1.2870.
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 touch of 1.3050.
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 wrote yesterday that the psychological level of 1.3000 is close by and this may slow the advance, as it acted as a cap when the price was there previously a few days ago. This has proved to be the case, with the price doing nothing but consolidating below an area of swing high resistance which seems to begin at about 1.2960.
It looks as if there are going to be better opportunities elsewhere today. I have no directional bias on this pair now, although I am aware of the long and medium-term bullish trend.
There is nothing due today concerning either the CAD or the USD.