USD/CAD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered 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 1.2812, 1.2788 or 1.2752.
* 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 Trades
* Short entry after bearish price action on the H1 time frame following the next touch of 1.2933 or 1.3000.
* 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
We saw this pair carve out some new support at the end of last week as the U.S. Dollar rallied. That rally continued with this week’s market open, but there are initial signs that the price is turning bearish as it enters our identified resistance zone from 1.2933 to 1.2918. The price action suggests that it is going to need to take some time to turn around, so wait for another upwards swing and failure to occur at least once on the hourly chart before entering short here. There is a weekend gap to be filled so the price is quite likely to fall all the way to at least 1.2870 or so on a bearish leg down.
There is nothing due today concerning either the CAD or the USD.