Technical Analysis Free Forex Signals USD/CAD Forex Signal - 21 February 2018 USD/CAD Forex Signal - 21 February 2018 Wednesday, 21 February 2018 10:29 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 before 5pm New York time today only. Long Trades Long entry after the next bullish price action rejection following the next touch of 1.2605 or 1.2530. 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 Trades Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2697 or 1.2785. 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 Yesterday I wrote that the signs are pointing at further short-term upwards movement, with additional potential minor support at about 1.2550. This was a correct forecast, as the price has moved up here slowly but firmly. There is no change to the technical situation, except it could be said the picture is a little more bullish. The price is close to key resistance at 1.2697, and a sustained break up above that level would be a sign of increasing bullishness. There is no long-term trend. There is nothing due today concerning the CAD. Regarding the USD, there will be a release of FOMC Meeting Minutes at 7pm 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.