USD/CAD Forex Signal - 5 July 2016

USD/CAD Signal Update

Yesterday’s signals were not triggered.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades may only be entered between 8am London time and 5pm New York time today.

Long Trade 1

  • Go long after bullish price action on the H1 time frame following the next touch of 1.2751.

  • Place the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

Short Trade 1

  • Go short after bearish price action on the H1 time frame following the next touch of 1.3133.

  • Place the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

USD/CAD Analysis

The price found some support at 1.2840 yesterday before rising until it has almost reached a recent key swing high point of 1.2900. It now looks to have reached minor resistance and to be turning downwards again, so a resumption of the downwards move down to 1.2750 would not be a surprise. This is in line with a long-term downwards trend in this pair that continues.

USDCAD

There is nothing due 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.