USD/CAD Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3250, especially if the rejection is confluent with the broken bearish trend line currently sitting close to that level.
* Place 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
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3190.
* Place 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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3370.
* Place 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 run.
USD/CAD Analysis
I wrote yesterday that a fall down to 1.3200 would not be a surprise and although this has not happened yet, the price does look poised to fall to 1.3225. This could be triggered by a strong rise in oil that could occur even before the FOMC statement due after tonight’s London close. This pair looks heavy and like USD/JPY, will probably not be the best place to take advantage of any good long USD set-up. At least, not at this current price.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by the FOMC Meeting Minutes at 7pm.