USD/CAD Forex Signal - 9 March 2016

USD/CAD Signal Update

Yesterday’s signals were not triggered as the bearish price action took place above the 1.3400 level.

 

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades may only be taken before 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.

 

Long Trade 1

* Go long after bullish price action on the H1 time frame following the next touch of 1.3377.

* 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

Finally there are initial signs of some bullishness with this pair, as a flipped support to resistance level at 1.3377 may have been flipped back. The price also broke up past the nearby round number at 1.3400. If the price can hold up above there, it looks as if it will continue to rise to test 1.3500. However there is major news due later today as the Bank of Canada give their monthly report, so there will quite probably be a lot of volatility at that time which might make the overall technical picture very unclear.

USDCAD

Regarding the CAD, the Bank of Canada will release their Rate Statement and Overnight Rate at 3pm London time. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm.

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.