Technical Analysis Free Forex Signals USD/CAD Forex Signal - 25 January 2018 USD/CAD Forex Signal - 25 January 2018 Thursday, 25 January 2018 9:46 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bullish price action at 1.2314. Today’s USD/CAD Signals Risk 0.50% per trade. Trades can be taken until 5pm New York time, during the next 24-hour period only. Long Trade Long entry after the next bullish price action rejection following the next touch of 1.2219. 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. 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 1.2366, or 1.2433. 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. 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 this pair was becoming a little more interesting now, as we had a break below the former support level at 1.2433 which now looks to have flipped to become resistance. As it turned out, this was notice of what was to come, as the price finally started to break down in a more convincing way, invalidating a support level and printing new lower resistance. The Canadian Dollar has made an above-average gain against the falling U.S. Dollar, even though the greenback is the major driver of this move. We can say there is a bearish trend in this pair on all time frames now, so I will start to take a bearish bias. The resistance at 1.2366 looks especially attractive for a short trade entry. There is nothing important due today concerning the USD. Regarding the CAD, there will be a release of Core Retail Sales 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.