USD/CAD Signal Update
Yesterday’s signals expired without being triggered as there was no bullish price action at 1.3369.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3225.
* 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.
* 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 2
* Long entry 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 1.3180.
* 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.
* 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.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3457.
* 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.
* 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
I was right yesterday that we got a pull-back to 1.3370, although this does not seem to have any relevance as a level any more.
A further fall down to 1.3325 would look to be a very attractive circumstance to look for a long trade.
Regarding the CAD, there is nothing due today. Concerning the USD, there will a release of Preliminary GDP data at 1:30pm London time followed by CB Consumer Confidence at 3pm.