USD/CAD Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am London time and 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 1.3056.
* 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 1.3305.
* 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 price reaches 20 pips in profit and leave the remainder of the position to ride.
USD/CAD Analysis
Yesterday was quiet and so nothing has really changed in the technical picture since then. Looking at the chart I see a bullish movement ahead in the near term, as the price comes up off this strong support at around 1.3055. However there is resistance and general chop a little way above 1.3100 so it may be a grind to get up there. Furthermore, we are not likely to get any big moves today unless oil does something dramatic, as there is no news due for either side of this pair.
Another drop down to 1.3055 could be a really great opportunity to get long. Technically, this looks the most clear-cut directional move of any of the more major Forex pairs.
There is nothing high-impact due today concerning either the CAD or the USD.