USD/CAD Forex Signal - 4 July 2016

USD/CAD Signal Update

Last Thursday’s signals were not triggered.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades must be taken from 8am London time until 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 1.2751.

  • 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 1.3133.

  • 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

This pair has become interesting again over recent days, as the price of Crude Oil seems to pick up as equities also reach new highs. Price action suggest that this pair is going to fall down to the support at the key psychological level of 1.2750 and this is backed up by the long-term bearish trend, with the current price below its levels of both 3 months and 6 months ago.

There may be minor resistance at 1.2925.

USDCAD

There is nothing due concerning the CAD or the USD. It is a public holiday in the U.S.A.

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.