USD/CAD Signal Update
Last Thursday’s signals produced a short trade off a bearish outside bar rejecting the anticipated resistance at 1.3305, but it only gave 20 pips of profit unfortunately.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 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 the broken bearish trend line currently sitting at around 1.3250.
* 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 1.3250.
* 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 3
* 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 1.3370.
* 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
With the continuing fall in the price of oil this pair has been behaving quite bullishly, and if the USD had continued its rally last week it would have really taken off. This pair looks like a good
long trade overall if and when the USD takes off again. There is plenty of good support below between 1.3250 and 1.3190 or thereabouts and resistance levels are being erased.
There is nothing due today concerning either the CAD or the USD.