Technical Analysis Free Forex Signals USD/CAD Forex Signal - 1 February 2018 USD/CAD Forex Signal - 1 February 2018 Thursday, 1 February 2018 8:34 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 may only be taken until 5pm New York time. 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 1.2400, or the bearish trend line shown in the price chart below at 1.2377. 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 Again, the technical situation remains the same, with a bearish outlook but without especially strong movement. A new bearish trend line is drawn in the price chart below, linking key swing highs, which might provide a short trade entry opportunity after a bullish pull back. It would be a third touch, which tend to provide the best opportunities from rejections of trend lines. I have a slight bearish bias. There is nothing important due today regarding the CAD. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm 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.