USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am London time until 5pm New York time today.
Long Trade 1
* Long entry following a bullish price reversal upon the next touch of 1.3750.
* 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 ride.
Long Trade 2
* Long entry following a bullish price reversal upon the next touch of 1.3675.
* 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 ride.
USD/CAD Analysis
The pair continued to make a new 11 year high yesterday, as the price of oil continues to be very weak. It is interesting that the high was made before the FOMC announced the raising of US interest rates, and has not yet been surpassed.
The overall picture is bullish still both technically, fundamentally and sentimentally, so this remains the obvious choice for trend traders to be long of. Plenty of obvious highs are being broken to flip to support levels that should be good candidates for long entries.
The obvious resistance level is still some way above, at the key round number of 1.4000.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of the Philly Fed Manufacturing Index and Unemployment Claims data at 1:30pm London time.