USD/CAD Forex Signal - 24 March 2015

USD/CAD Signal Update

Yesterday’s signals expired without being triggered.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades may only be entered before 5pm New York time today.

 

Long Trade 1

  • Go long after bullish price action on the H1 time frame immediately following the next test of the trend line current sitting at around 1.2465.

  • Place 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.

  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

Long Trade 1

  • Go long after bullish price action on the H1 time frame immediately following the next test of the trend line current sitting at around 1.2434.

  • Place 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.

  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

USD/CAD Analysis

The picture remains bearish and early this morning the price broke down below 1.2500 which was expected to be supportive. However there are still a couple of longer-term trend lines below which might provide support and launch bullish reversals.

There are no nearby levels from which it looks good to short.

Be very careful taking any longs as the picture seems extremely bearish right now, and in any bullish reversal the price will probably take some time to turn around.

USDCAD 32415

There are high-impact events scheduled today concerning the USD but nothing regarding the CAD. At 12:30pm London time there will be a release of U.S. CPI data followed at 2pm by New Homes Sales data.

 

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.