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 before 5pm New York time today only.
Long Trade 1
Long entry after the next bullish price action rejection following a first entry into the zone between 1.2709 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 Trade 1
Short entry after the next bearish price action rejection following a first touch of 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
There is still no clear trend in this pair, and overall there are probably going to be better opportunities in other currency pairs. The short-term trend can still be said to be a little bullish, with the price gradually rising from a supportive zone centred on 1.2700. It now looks as if the best possible trade which might set up here today would be a short trade from a spike up to 1.2860. The level at 1.2820 is acting as minor resistance, the price has kept rejecting that level, forming a triple top. I have no directional bias. If you are determined to trade this pair today, it is probably going to be best to follow the waves with a bullish bias below 1.2820, if the price never reached 1.2860.
There is nothing important due today concerning the CAD. Regarding the USD, the Chair of the Federal Reserve Janet Yellen will be speaking at a panel discussion at 11pm London time.