USD/CAD Forex Signal - 13 June 2016

USD/CAD Signal Update

Last Thursday’s signals produced a profitable short trade entry following the bearish outside bar on the H1 chart rejecting the given resistance level at 1.2760, but it was only good for about 20 pips of profit.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades must be made between 8am London time and 5pm New York time today only.

 

Long Trade 1

  • Long entry after bullish price action on the H1 time frame following the next touch of 1.2752.

  • 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

  • Short entry after bearish price action on the H1 time frame following the next touch of 1.2836 or 1.2880.

  • 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

This pair had been in a strong long and short term bearish trend which slowed last week before reversing with some fairly strong and dramatic buying last Friday. This pushed the price up past a few likely resistance levels and although the move may have tapered off now, it is still probably worthwhile being very cautious about taking any short trades just yet.

USDCAD

There is nothing due today concerning either the CAD or the USD

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.