USD/CAD Forex Signal - 24 August 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 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 1.2935 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

After falling sharply around the New York Open yesterday, this pair has steadily recovered, following the rise in the USD over recent hours, and is at the time of writing testing the resistance level at 1.2935.

The market looks very quiet and with little high-impact news scheduled, it could be an erratic day, with small and choppy movements that are difficult to profit from.

If the price has remained below 1.2935, it could become an interesting level for a short trade.

USDCAD

There is nothing due today 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.