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 may only be taken from 8am London time until 5pm New York time today.
Long Trade
Long entry after the next bullish price action rejection following the next touch of 1.3055.
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.
Short Trades
Short entry after the next bearish price action rejection following the next touch of 1.3324 or 1.3367.
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.
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 if the price rose to 1.3325 and then made a strongly bearish reversal, I would take a bearish bias. I was right at least that the level would hold as the price has moved down a little after reaching a maximum high of 1.3319.
This pair looks awful to trade, action is completely choppy and consolidative. It is very likely to be a good idea to ignore this pair today and look for potential opportunities elsewhere.
There is nothing important due regarding either the USD or the CAD. It is a public holiday in the USA.