Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/CAD Forex Signal - 29 February 2016

USD/CAD Signal Update

Last Thursday’s signals were not triggered.

 

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades may only be taken from 8am London time until 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 1.3496.

* 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.

 

Long Trade 2

* Go long following a bullish price reversal on the H1 time frame upon the next touch of 1.3435.

* 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 an entry into the zone between 1.3620 and 1.3650.

* 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

I had thought this pair might finally be starting to bottom out after many weeks of consecutive falls, but the downwards move resumed. However there are signs that the price may be carving out a bottom just ahead of 1.3500 which of course is a key psychological number for this pair. If the price get to within a few pips below 1.3500 and then bounces up strongly from there, it could be a candidate for a long trade entry as we may finally get a serious pullback from this kind of area. However there is a strong established downwards trend so it would probably be more prudent to wait a while before entering any long trades.

The area around 1.3650 was supportive for quite a while so it could give great resistance if we get back up there for another short trade with the trend.

USDCAD

There is nothing due today concerning either the CAD or the USD.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

Most Visited Forex Broker Reviews