USD/CAD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry after the next bullish price action rejection following a first entry into the zone between 1.3386.
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 the next bearish price action rejection following a first touch of 1.3540.
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
Technically, the big picture is a little difficult, with broad swings within a ranging environment. It seems to make more sense to look at highs and lows of these ranges for opportunities both short and long.
At the time of writing, the price is just sitting on a key support level, and if this holds and the price starts to move up with some volatility, it could be an interesting long trade. However, a breakdown to at least 1.3425 seems like a more likely scenario.
The resistance at 1.3540 looks strong.
There is nothing due today concerning either the CAD or the USD.