USD/CAD Signal Update
Yesterday’s signals produced a profitable short trade entry following the bearish pin bar rejecting the resistance level of 1.3005.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm New York time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.2900 or 1.2750.
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 Trades
Go short after bearish price action on the H1 time frame following the next touch of 1.3005 or 1.3123.
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 strong bullish momentum continued but the resistance at 1.3005 looks as if it might have been decisive, which is not surprising as it is a really key psychological and big round number. There were two new flipped support levels printed on the way up that have been added to the chart, firstly at 1.2953 and also at 1.2900. We are still too close to 1.2953 for it to be of much use new but the level at 1.2900 looks like attractive support.
There are no high-impact events due today concerning either the CAD or the USD.