USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.3435.
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.
Short Trade 1
* Go short after bearish price action on the H1 time frame following the next touch of 1.3500.
* 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 seen the area a little way above 1.3400 as supportive, but the price got through this zone quite easily. However the candles in the chart below do show a marked turn at 1.3400 and at the time of writing it appears that we are heading upwards. There will be key U.S. economic data coming out now every day during the rest of this week, so the USD side of this pair is likely to be strongly affected by that. Keep in mind that there have been many signs of this pair bottoming out, but week after week it has continued to fall as the price of oil recovers, so a short trade at a bearish turn at or very close to the key psychological level of 1.3500 would look to be a high-probability trade.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time followed later by Crude Oil Inventories at 3:30pm.