USD/CAD Signal Update
Yesterday’s signals expired without having been triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered from 8am London time until 5pm New York time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.3078 or 1.3005.
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
There has been no real change in anything technical concerning this pair over the past 24 hours. It still has a bullish outlook, although the CAD has strengthened and the USD weakened somewhat in recent hours. Support has not been tested yet. If and when the price reaches the next support level at 1.3078 we should get at that time some idea as to whether the bullish move is likely to continue or not.
There is no key resistance before 1.3400, which is a very long way away from the current price.
Of course, there will be key data from the Bank of Canada later, which is likely to cause considerable volatility in this pair, so it worth being very careful with managing or opening new trades as this time approaches.
Concerning the CAD, there will be a release of the Bank of Canada’s Rate Statement and Overnight Rate at 3pm London time. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm.