USD/CAD Forex Signal - 12 June 2017

12 June 2017 7:16:39 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as there was insufficiently bullish price action at 1.3433.

Today’s USD/CAD Signals

Risk 0.50% per trade.

Trades must be entered between 8am and 5pm New York time today only. 

Long Trades

  • Long entry after the next bullish price action rejection following a first touch of 1.3427.
  • Place 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 Trades

  • Short entry after the next bearish price action rejection following a first touch of 1.3484 and 1.3542.
  • Place 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.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

USD/CAD Analysis

The price remains within a broad range centred upon an area just under 1.3500. Coupled with the total absence of any long-term trend, it suggests a major lack of direction, which means there may be chances to fade the range between 1.3484 and USDCAD

There is nothing due today concerning either the CAD or the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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