USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.3138.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am London time and 5pm New York time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.3100.
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 1.3241.
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
I wrote yesterday that if the resistance level at 1.3138 was reached that it probably will not hold. This has proved to be the case and with recent strength in the USD and weakness in the price of Crude Oil which is a big export of Canada’s, this pair is looking quite bullish.
Logically the level at 1.3138 would now flip to support, but I think instead that the round number at 1.3100 where there was previously a small double top looks like a better candidate.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.