USD/CAD Signal Update
Yesterday’s signals were not triggered as the price never quite reached 1.3135.
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 Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 1.3135.
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
Over the course of yesterday we had a move down to just a pip or so off my identified support level. The price bounced there twice before moving up so it has been a good level so far and might be again.
The price has been trying to reach 1.3200 and to break above that but it is having difficulty doing so. Nevertheless, I would be wary of taking a short here yet.
There is nothing of high importance due today concerning either the CAD or the USD.