USD/CAD Forex Signal - 15 June 2017

15 June 2017 7:28:00 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bullish price action at 1.3210.

Today’s USD/CAD Signals

Risk 0.50% per trade.

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

Long Trade 1

  • Go long after the next bullish price action rejection following a first touch of 1.3164.
  • Put 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 Trades

  • Go short after the next bearish price action rejection following a first touch of 1.3312 or 1.3373.
  • Put 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.

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

We saw the price held just a pip above the support level at 1.3164 before rising upon the FOMC release. The price has not risen by a great deal compared to the reactions of other Dollar-priced assets to the FOMC release, which is a bearish sign. For this reason, I see a short from 1.3212 as the best potential trade set-up on the horizon, although the level at 1.3164 is clearly significant and likely to produce another reaction when it is next reached.USDCAD

There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.

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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