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 New York time until 5pm London time today.
Long Trade 1
Go long after bullish price action on the H1 time frame immediately following the next touch of 1.2800.
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 the next touch of 1.3049.
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
The price of oil in USD and the exchange rate of this pair diverged quite sharply at the end of the week, as the focus shifted to Canadian economic. However after spiking up, the price resumed its long-term downwards trend, although there seems to be some support at the psychologically crucial number of 1.3000, which might hold, at least for a while after the new week opens. There was quite a lot of volatility so a period of consolidation may be due.
There is nothing due today concerning either the CAD or the USD.