USD/CAD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today.
Long Trade 1
* Go long following a bullish price reversal upon the next touch of 1.3750.
* 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 run.
Short Trade 1
* Go short following a bullish price reversal upon the next touch of 1.4000.
* 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 run.
USD/CAD Analysis
The pair fell sharply during the New York session as the price of crude oil recovered from its recent lows, and more or less touched its weekly opening price during the Asian session which has acted as support.
It currently looks like we are going to see an upwards move but it has to be noted that the stabs down are stronger than the moves up and that has been the case for almost two weeks now. The major highs are also getting lower. Nevertheless it is far too early to write off this powerful, long-term upwards trend, and the bounce off the weekly open may well have given enough fuel to see a positive, bullish close by the end of today.
There is nothing due today concerning the CAD or the USD.