Technical Analysis Free Forex Signals USD/CAD Forex Signal - 12 February 2018 USD/CAD Forex Signal - 12 February 2018 Monday, 12 February 2018 8:42 Share 0 Tweet 0 Pin it 0 +1 By: DailyForex Last Thursday’s signals were not triggered, as there was no bearish price action at 1.2586 when it was reached. Today’s USD/CAD Signals Risk 0.75% per trade. Trades must be entered before 5pm New York time today only. Long Trades Go long after the next bullish price action rejection following the next touch of 1.2487 or 1.2400. 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. Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride. Short Trade Go short following a bearish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 1.2698. 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. Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride. 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 last Thursday that I expected the resistance level at 1.2586 to be strong if it is reached, noting that recent price action over recent hours suggested selling as the price gets close to it. I was wrong, the price continued to advance, and spiked up to almost reach the next resistance level at 1.2698 before falling back. The short-term action now looks bearish, although today is likely to be a quiet day anyway. There is no long-term trend, yet it seems that U.S. Dollar strength will probably persist for a while, so I see a long trade from a bullish bounce at the nearest support at 1.2487 as the best potential trade set-up. There is nothing 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.