USD/CAD Signal Update
Yesterday’s signals gave a good and profitable short trade entry following the bearish rejection of 1.3135. It should be worthwhile to take some profits if the price turns bullish at any time, or at 1.3025, whichever happens first.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am London time and 5pm New York time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next entry into the zone between 1.3027 and 1.3000.
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 1.3135.
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
It was unclear whether the key level at 1.3135 would hold yesterday around the London open, but the price action was bearish and finally the move down began, initially running into some resistance at around the anticipated support level of 1.3080 but this level was eventually wiped out and the price has continued to fall.
Below of course is a really key area that could provide long-term support: a little zone that stretches from approximately 1.3000 to 1.3025, and of course the 1.3000 number is psychologically key. We have already had a recent double bottom so look for a false break below the lows and a quick bullish reversal as a possible great long trade set up ahead
There is nothing of high importance due today concerning the CAD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.