Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/CAD Forex Signal - 22 November 2016

USD/CAD Signal Update

Yesterday’s signals were correct in seeing likely support at 1.3400, but the bounce happened too quickly and strongly to take advantage of using the given hourly time frame.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm New York time today only.

Long Trades

  • Go long after the next bullish price action rejection following a first touch of 1.3400 or 1.3362.

  • 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.

Short Trade 1

  • Go short after the next bearish price action rejection following a first touch of 1.3491.

  • 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

USD/CAD Analysis

There are no big changes here. The level at 1.3400 has acted as good support twice and could even be used again, especially ahead of the major Canadian data release due later.

This pair has been outside the strong USD push that has been prevalent since 8th November as the Canadian Dollar has also been strong. This means there is a ranging environment, so good support and resistance levels, especially when confluent with round numbers, are likely to hold.USDCAD

There is nothing due today concerning the USD. Regarding the CAD, there will be a release of Core Retail Sales data at 1:30pm

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

Most Visited Forex Broker Reviews