USD/CAD Signal Update
Yesterday’s signals produced a losing long trade off the suppose level identified at 1.3315.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades must be entered between 8am and 5pm New York time today only.
Long Trades
Go long after the next bullish price action rejection following a first touch of 1.3253 or 1.3189.
Put 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 Trades
Go short after the next bearish price action rejection following a first touch of 1.3316 or 1.3398.
Put 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 noted yesterday that the price was hovering just above support, showing that it was becoming increasingly likely to break down, and this is exactly what happened. The support levels that were broken look valid, just flipped to resistance, which is good as it makes future reversals there more probable and predictable.
There is still a very weakly bullish long-term trend, but once the price reaches 1.3200 that long-term trend is over.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 4pm.