USD/CAD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am to 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 1.3369.
* 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 1.3225.
* 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 1.3191, especially if the reversal also rejects the broken bearish trend line currently sitting at around 1.3195.
* 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 1.3457.
* 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
Instead of a further fall down to the very nice looking support zone beginning at around 1.3225, we have had a bullish rise since Thursday, even breaking the former double top at 1.3370, which may now flip to become resistance. A pull back to this price does look likely to happen today.
Overall this is still a strongly trending pair in the bullish direction, but due to the influence of oil you can get these big moves in any direction which can make this pair awkward to trade.
Regarding the CAD, there is nothing due today. Concerning the USD, there will be an announcement from the Federal Reserve on an unknown topic.