USD/CAD Signal Update
Yesterday’s signals were not triggered. Anyone already in the short trade from 1.3134 would hopefully have already closed out for profit some time ago.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm New York time today only.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.2972 or 1.2916.
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 Trade 1
Short entry after bearish price action on the H1 time frame following the next touch of 1.3134.
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
I was looking for the price to fall yesterday and it did: surprisingly, we did get a very clean move down through the area from 1.3050 to 1.3020. The price finally found support not far (about 10 pips or so) from the identified support line of 1.2972 from where it has been rising quite sharply. It looks as if the next trip will be back to 1.3134.
There is a lot of big news due for the CAD later at around the New York open so it would be prudent to wait until those announcements are made before entering any new trades.
Concerning the CAD, there will be the release of the Bank of Canada’s Monetary Policy Report, Rate Statement and Overnight Rate at 3pm London time, followed 1 hour and 15 minutes later by the usual press conference. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm.