USD/CAD Forex Signal - 29 June 2016

USD/CAD Signal Update

Yesterday’s signals were not triggered.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm New York time today.

 

Long Trades

  • Long entry after bullish price action on the H1 time frame following the next touch of 1.2943 or 1.2900.

  • 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 1.3080 or 1.3133.

  • 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

It appears that this pair is just consolidating between about 1.2950 and 1.3100.

In the current fearful environment it is hard to see the Canadian Dollar moving much higher anytime soon, in spite of the long-term trend.

However the resistance at 1.3133 seems to be well defended, but I think it will break before 1.2943.USDCAD

There is nothing due concerning the CAD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.

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.