USD/CAD Forex Signal - 6 June 2017

06 June 2017 8:01:16 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bullish price action at 1.3472.

Today’s USD/CAD Signals

Risk 0.50% per trade.

Trades may only be taken from 8am to 5pm New York time today. 

Long Trade 1

  • Go long after the next bullish price action rejection following a first touch of 1.3433.
  • 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 Trade 1

  • Go short after the next bearish price action rejection following a first touch of 1.3500.
  • 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

There is no long-term trend in this pair. We have a break below the last channel, which was a bearish break from a bullish channel. This is the most unpredictable and hard to trade of all the USD currency pairs right now. There are likely to be better opportunities elsewhere, in other Forex currency pairs.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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