USD/CAD Signal Update
Last Wednesday’s signals were not triggered.
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 (if this was not reached during the Asian or London sessions) 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 price has really been chopping around over the past week or so, as both currencies have been fairly strong. The USD is enjoying some favour after comments from Fed members that were increasingly bullish on the prospect of a forthcoming rate hike, and the CAD has benefited from a recent strengthening in the price of Crude Oil. The net result is that we are more or less back where we started in my previous forecast, with the same crucial levels in play even though some of them have been subsequently hit. Of all of them, I am most dubious about the potential support at 1.2900.
There are no high-impact events due today concerning either the CAD or the USD.