USD/CAD Forex Signal - 7 June 2017

07 June 2017 7:34:49 AM

By: DailyForex.com

Yesterday’s signals were not triggered as none of the key levels were ever reached.

Today’s USD/CAD Signals

Risk 0.50% per trade.

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

Long Trade 1

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

  • Short entry after the next bearish price action rejection following a first touch of 1.3500.
  • 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

There is no long-term trend in this pair. There is no real change in the technical situation today compared to yesterday. The break below the previous channel has held, 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 the CAD. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm 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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