USD/CAD Signal Update
Last Thursday’s signals were not triggered as the bearish price action at 1.3750 did not occur until after New York closed.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken between 8am London time and 5pm New York time today.
Long Trade 1
* Go long following a bullish price reversal on the H1 time frame upon the next touch of 1.3620.
* 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 after bearish price action on the H1 time frame following a touch of the bearish trend line currently sitting at around 1.3800.
* 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 run.
USD/CAD Analysis
There were some signs at the end of last week that we may have made a double bottom at around 1.3650 and so this pair might have started preparing for a meaningful upwards move. However instead the pair just fell at the bearish trend line since when it has been falling very steadily and healthily. It looks as if we will see 1.3650 again fairly soon.
The best bet would seem to be another short off the trend line, if such an opportunity arises.
There is nothing due today concerning either the CAD or the USD.