USD/CAD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered only between 8am London time and 5pm New York time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3237.
* Place 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3190.
* Place 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 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3305.
* Place 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.
USD/CAD Analysis
It was a quiet day again yesterday. My support level at 1.3237 has held the low of the day so far when the Asian session just reached 1.3238, within 1 pip of that level. Since then the price has risen with some momentum, although the action between 1.3265 and 1.3305 where there is likely resistance has been choppy during recent days, so it quite probable the price will chop around for the rest of today, especially as it is a public holiday in the USA today.
There is nothing due today regarding either the CAD or the USD. It is a public holiday in the USA.