Last Thursday’s signals were not triggered as none of the key levels were reached that day.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Short Trade
Go short after the next bearish price action rejection following the next touch of 1.3264.
Put the stop loss 1 pip above the local swing high.
Move 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.
Long Trade
Go long after the next bullish price action rejection following the next touch of 1.3183.
Put the stop loss 1 pip below the local swing low.
Move 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 wrote last Thursday that the price may well go on to turn bullish again and make new highs, especially as it got close to the 1.3200 area. The bullish bounce took place a little lower than that. The picture now looks uncertain with wide swings but no real direction, with the price contained within a medium-term consolidating triangle as it is also in a few other important currency pairs. A strong break below 1.3182 would be a bearish sign if the price could stay below it for at least a couple of hours, and I would take a bearish bias if that happens today.
There is nothing important due today concerning either the CAD or the USD.