USD/CAD Forex Signal - 8 June 2017

08 June 2017 7:21:17 AM

By: DailyForex.com

Yesterday’s signals were not triggered as the bullish price action took place a little way below 1.3433.

Today’s USD/CAD Signals

Risk 0.50% per trade.

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

Long Trades

  • Go long after the next bullish price action rejection following a first touch of 1.3500 and 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 1.3542.
  • 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

The support level I forecasted yesterday was broadly right, providing the base for a very fast move up above the nearest resistance level and major psychological level at 1.3500, which may now flip to become support. Unfortunately, this pair is trendless and highly unpredictable, so trading it profitably is likely to be extremely difficult. There should be better opportunities elsewhere in other Forex currency pairs.USDCAD

Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Concerning the CAD, the Governor of the Bank of Canada will be speaking at a Press Conference about a review at 4:15pm.

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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