USD/CAD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were reached that day.
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 1.3019 or 1.2928.
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 1.3072, 1.3100 or 1.3132.
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 weakening of the USD at the end of last week caused a fairly sharp drop in this pair but it looks as if a bottom is being put in that has some conviction. A move up to at least one of the next resistance levels is looking like the next likely short-term move. However of all the nearby resistance levels, it is very hard to judge which is likely to be strongest, so the price action if and when any such level is reached should be monitored very carefully.
There is nothing due today concerning the CAD as it is a public holiday in Canada. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.