USD/CAD Signal Update
Yesterday’s signals were not triggered as although the price did bounce up from support, the first bullish hourly candle did not follow through with momentum.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be made between 8am London time and 5pm New York time today.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next test of 1.2544.
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
As I forecast yesterday, the price did find support at one of the trend lines below the price at the time. The bounce has enabled us to clarify the trend line picture. There is a supportive trend line below but it is too early to look for another good bounce if the price returns there.
Above us there is a relatively weak-looking flipped support to resistance level at around 1.2544, where a cautious short might be taken after a bearish reversal off that level. Profits should be taken or at least protected if and when the lower trend line is subsequently reached.
There are no high-impact events scheduled today concerning the CAD. Regarding the USD, at 12:30pm London time here will be a release of U.S. Core Durable Goods Orders data.