USD/CAD Signal Update
Yesterday’s signal expired without being triggered as the price never quite reached 1.2564.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be made only from 8am to 5pm New York time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next test of 1.2625.
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 run.
Long Trade 2
Long entry after bullish price action on the H1 time frame immediately following the next test of the broken bearish trend line currently sitting at 1.2611.
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 run.
Long Trade 3
Long entry after bullish price action on the H1 time frame immediately following the next test of 1.2564.
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 run.
USD/CAD Analysis
I saw support yesterday at 1.2564 and unfortunately the price stopped just short of returning to that level before rising quite strongly and breaking both of the bearish trend lines as well as the horizontal resistance level at 1.2650.
The picture is nicely bullish but of course there is still historical resistance at a few points between 1.2650 and 1.2700. Nevertheless, the pair appears to be heading upwards.
A pull back to 1.2625 or either of the broken trend lines is likely to give a nice risk to reward profile for a long entry.
There are no high-impact events scheduled today concerning either the CAD or the USD.