USD/CAD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm London time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.2850 or 1.2812.
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 Trades
Go short after bearish price action on the H1 time frame following the next touch of 1.2958 or 1.3022.
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
This pair has continued to fall quite strongly following the double top last week at 1.3138. the former support at 1.2957 has been broken down and is now likely flipped to become a new resistance level.
The hourly chart below is somewhat deceptive: although recent short-term moves are strong, longer-term charts show the price has been choppy for several weeks now without much of any kind of clear trend emerging.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time.