USD/CAD Forex Signal - 29 December 2016

USD/CAD Signal Update

Yesterday’s signals were not triggered as there was no bullish price action at 1.3563.

Today’s USD/CAD Signals

Risk 0.50% per trade.

Trades may only be taken between 8am and 5pm New York time today.

 

Long Trades

  • Long entry after the next bullish price action rejection following a first touch of 1.3515 or 1.3461.

  • Place 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

  • Short entry after the next bearish price action rejection following a first touch of 1.3550.

  • Place 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 is no longer interesting. It did not move a great deal yesterday when other currency pairs were making large gains and losses. Trading here has been thin.

At the time of writing the price is very close to support sat 1.3515 but I see the level at 1.3461 as more likely to be reliable.USDCAD

There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories data at 4pm.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.