USD/CAD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were quite reached during that session.
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 Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.3121 or 1.3000.
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
Go short 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 was correct last Thursday in forecasting that the price might stabilise for a while but will probably fall further, at least to 1.3000 and quite possibly beyond that. The low was actually just a pip or two above 1.3000.
We had quite a bullish move towards the end of Friday, though it might take a while for another attempt at the very key resistance of 1.3241. If the price managed to get above that level it looks like being a real bullish breakout, which could be an exciting opportunity.
There is nothing due today concerning the USD. Regarding the CAD, the Governor of the Bank of Canada will be speaking at Midnight London time.