USD/CAD Signal Update
Last Thursday’s signals produced a profitable long trade following a bullish candle rejecting the supportive bullish trend line at about 1.3305.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trade 1
* Long entry following a bullish price reversal upon the next touch of the supportive trend line which is currently sitting at around 1.3325.
* 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.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.3435 and 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 ride.
USD/CAD Analysis
I wrote last week about how the upwards trend here should not yet be written off, and the supportive trend line has hold. At the time of writing, we are trading at around 1.3425 which is high and approaching the potential resistance zone that begins 10 pips above.
This pair is a good bet for long trend trades being in a very well-established and well-defined bullish trend, but is definitely prone to a sudden reversal between 1.3435 and 1.3457 so watch out for that.
There is nothing due today regarding the CAD or the USD.