USD/CAD Forex Signal - 25 August 2016

USD/CAD Signal Update

Yesterday’s signals were not triggered as there was no adequately bearish price action at 1.2935.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades may only be taken 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 1.2850, 1.2812, 1.2788 or 1.2752.

  • 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 1.3000.

  • 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 is fairly difficult to trade at the moment and the market is quiet anyway. It seems that there is resistance which grows the closer the price gets to 1.3000, so a move down looks to be the line of least resistance at the present time.USDCAD

There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm 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.