USD/CAD Signal Update
Last Thursday’s signals were unfortunately not triggered as the price did not quite reach 1.3518.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trade 1
* Long entry following a bullish price reversal upon the next touch of 1.3620.
* 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 ride.
Long Trade 2
* Long entry following a bullish price reversal upon the next touch of 1.3550.
* 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 ride.
USD/CAD Analysis
The long bias I was taking all last week has paid off with new multi-year highs being made. However after climaxing at the end of last week at 1.3780, it now looks like we are going to get a deeper pull back to well below the 1.3700 level. There may be support anywhere below 1.3670 but the closer we can get to 1.3620 before any bullish turnaround, the better any long entry will probably be. This still looks like a good bullish trend to be involved in, with no obvious resistance before 1.4000.
Regarding the CAD, there will be a release of Manufacturing Sales data at 1:30pm London time, followed by the Governor of the Bank of Canada speaking at 4:45pm. Concerning the USD, there will be a release of CPI data at 1:30pm.