Yesterday’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 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 1.3356 or 1.3284.
* 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
* No short trade is given today.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CAD Analysis
This pair has remained almost completely unchanged over the past 24 hours, which is not a surprise as I wrote yesterday that the price seems to be consolidating around 1.3400 level. The levels remain intact and bulls should remain encouraged as there is nothing about the consolidation suggesting that the next short-term move will be down rather than up. No change here yet.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change numbers at 1:15pm London time, followed by Crude Oil Inventories at 3:30pm.