USD/CAD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were reached that day.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered from 8am and 5pm New York time today only.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.2958 or 1.2850.
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.
Short Trade 1
Short entry after bearish price action on the H1 time frame following the next touch of 1.3138.
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 ride.
USD/CAD Analysis
This pair had a very bullish move last Friday following the hawkish comments from the Federal Reserve about the USD. However, it is important to keep this in perspective as a long-term chart shows that the price has really been going nowhere for many weeks. It is hard to know what is going to happen next, but the short-term outlook is bullish as there are no key resistance levels for about 100 pips the current price as at the time of writing. A crucial indicator will be whether the new support at 1.2958 holds.
There is nothing due today concerning either the CAD or the USD.