Technical Analysis Free Forex Signals USD/CAD Forex Signal - 16 January 2018 USD/CAD Forex Signal - 16 January 2018 Tuesday, 16 January 2018 10:04 Share 0 Tweet 0 Pin it 0 +1 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 London time and 5pm New York time over the next 24 hours only. Long Trade Go long after the next bullish price action rejection following the next touch of 1.2314. 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 Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2440, 1.2475, or 1.2495. 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 The picture is just a little more bearish than it was this time yesterday, with the price continuing to move down gently and forming a new lower resistance level at 1.2440, which is shown in the chart below There is no long-term trend, and the Canadian Dollar is not prominent in the market right now, but there may still be a good short trade opportunity at a retracement to at least 1.2475 as this area is also confluent with a major round number at 1.2500. Using the level at 1.2440 is also possible, but at present that looks a little too risky. If the level holds for several hours, it should get stronger. I have no directional bias. It also has to be noted there is clear buying whenever the price gets to or below 1.2400, which could easily produce medium-term double bottom formations that drive the price up. There is nothing important due today concerning either the CAD or the USD. 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.