Technical Analysis Free Forex Signals USD/CAD Forex Signal - 11 January 2018 USD/CAD Forex Signal - 11 January 2018 Thursday, 11 January 2018 10:51 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 1.2513. Today’s USD/CAD Signals Risk 0.50% per trade. Trades must be entered between 8am and 5pm New York time over the next 24 hours only. Long Trades Go long after the next bullish price action rejection following the next touch of 1.2513 or 1.2475. 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 following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2586 or 1.2697. 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 price reaches 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 the price was likely to reach the 1.2500 area, and that a sustained break above 1.2515 would be a bullish sign of a further rise coming. This scenario has become true, with yesterday’s high being made just a few pips below the key resistance level identified on the chart at 1.2586. The bulls are in control for now, and a strong break above 1.2586 will suggest a continuing upwards movement, possibly to as high as 1.2697. There are two new support levels not far below which are centred on the psychologically important 1.2500 area. An orderly pullback to either of these followed by a bullish bounce looks like being the highest-probability trade likely to set up today. There is nothing important due today concerning the CAD. Regarding the USD, there will be a release of PPI data at 1:30pm London time. Currency Pairs USD/CAD Adam Lemon 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.