USD/CAD Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Short Trade 1
* Go short after bearish price action on the H1 time frame following the next touch of 1.3400.
* Put the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 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 1
* Go long after bullish price action on the H1 time frame following the next entry into the zone between 1.3225 and 1.3191.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 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
This pair has continued to fall and has been doing so for almost three months now. The USD was also weak across the board last week, so it is no surprise that the fall has continued. We may not be far from at least a temporary bottom as we are getting back to an area where there was previously a lot of consolidation and this begins close to the 1.3200 level. Above, there is a new key resistance level which formed at 1.3400 and that should give an opportunity to get short on any retest.
There is nothing due today concerning either the CAD or the USD.