Yesterday’s signals were not triggered, as the bullish price action took place below 1.3120.
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 Trade
Go long after the next bullish price action rejection following the next touch of 1.3053.
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.
Remove 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 strongly bearish price action rejection following the next touch of 1.3281.
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.
Remove 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 tool a bullish bias yesterday above 1.3120. This did not work out well as the price fell to below the level before making a single bullish bounce. The picture now looks more bearish. The price action shown in the chart below does not look attractively predictable. I take no bias today and expect there will be better action for traders in other currency pairs.
There is nothing important due today concerning either the CAD or the USD.