USD/CAD Forex Signal - 16 November 2017

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 taken from 8am London time until 5pm New York time today only.

Long Trades

  • Long entry after the next bullish price action rejection following a first touch of 1.2753 or 1.2693.

  • 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 1.2800 or 1.2860.

  • 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

I wrote yesterday that there is no clear trend and overall there are probably going to be better opportunities in other currency pairs elsewhere. This is even truer today, with the short-term trend changing from bearish to bullish, and a new key support level forming at 1.2753. It now looks as if the best possible trade which might set up here would be a long trade from a bullish bounce at that level, although it doesn’t have far to move before hitting 1.2800. I would ideally avoid trading this pair today. I have no bias.USDCAD 

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

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.