USD/CAD Forex Signal - 29 August 2016

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 entered from 8am and 5pm New York time today only.

 

Long Trades

  • Long entry after bullish price action on the H1 time frame following the next touch of 1.2958 or 1.2850.

  • 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 Trade 1

  • Short entry after bearish price action on the H1 time frame following the next touch of 1.3138.

  • 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

This pair had a very bullish move last Friday following the hawkish comments from the Federal Reserve about the USD. However, it is important to keep this in perspective as a long-term chart shows that the price has really been going nowhere for many weeks. It is hard to know what is going to happen next, but the short-term outlook is bullish as there are no key resistance levels for about 100 pips the current price as at the time of writing. A crucial indicator will be whether the new support at 1.2958 holds.USDCAD

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

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.