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USD/CAD Forex Signal - 2 August 2016

USD/CAD Signal Update

Yesterday’s signals were not triggered as there was no sufficiently bearish price action at either of the resistance levels which were reached during the London and New York sessions.

Today’s USD/CAD Signals

Risk 0.75% per trade.

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

 

Long Trades

Go long after bullish price action on the H1 time frame following the next touch of 1.3100 or 1.3072.

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

Go short after bearish price action on the H1 time frame following the next touch of 1.3241.

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 saw a double bottom for a little way above the key support level at 1.3019, from which the pair rose with conviction as the USD strengthened yesterday. The first two resistance levels were bumps in the road but are plainly visible as accurate in the chart below and are both now marked as support.

The third resistance level, which was hit during the Asian session, has more or less held and the price now looks to be moving down from there. A bullish reversal and break above that could see a longer and more powerful bullish move as there are no key resistance levels for a long way above.

There is no long-term trend and the action is fairly choppy and hard to predict.USDCAD

There is nothing of high importance due today concerning either the CAD or the USD.

Adam Lemon
About 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.

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