Last Thursday’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 entered between 8am London time and 5pm New York time today only.
Long Trades
Long entry after the next bullish price action rejection following the next touch of 1.2814 or 1.2750.
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
Short entry after the next bearish price action rejection following the next touch of 1.2946.
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 last Thursday that I had no directional bias and it looked as if the price was going to range. This is what happened. For several days now, the price has remained between 1.2900 and 1.2814. The higher timeframes also show uncertainty. All that can be said is that as the price is near 1.2814, it has a slightly greater chance of rising today than falling, but there is no sign yet that the price will be able to exceed the 1.2900 level. There are likely to be better opportunities in other currency pairs.
There is nothing due today concerning either the CAD or the USD.