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 must be taken before 5pm New York time today only.
Long Trades
Long entry 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 Trades
Short entry after the next bearish price action rejection following the next touch of 1.2946, 1.2971, or 1.3053.
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 this pair was probably going to be worth avoiding until it gets more direction. Despite the U.S. GDP release yesterday, the price here has continued to range. However, this may change today, with the release of Canadian GDP data. Until that happens, it will probably be best to avoid this pair as it is giving little clue as to where it is going to go next.
Concerning the CAD, there will be a release of GDP data at 1:30pm London time. There is nothing due regarding the USD.