USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at 1.3123.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered from 8am until 5pm New York time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.3078 or 1.3005.
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 been nicely bullish although it might have a relatively quiet trading session today as Canada is not open for business.
The chart below shows how the price has not only established new support above 1.3005 at 1.3078, but also how well this level has held supportively. Furthermore, there is no obvious strong resistance anywhere before 1.3400, so it looks as if the price can really fly upwards if it wants to.
If USD strength continues, it looks as if this will be a great currency pair to be long of.
As there is no obvious resistance before 1.3400, which is not going to be reached any time soon, I do not have any listings for possible short trades.
There are no high-impact events due today concerning either the CAD or the USD. It is a public holiday in Canada.