Technical Analysis Free Forex Signals USD/CAD Forex Signal - 26 February 2018 USD/CAD Forex Signal - 26 February 2018 Monday, 26 February 2018 10:40 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as there was insufficiently bearish price action at 1.2697. 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 Trade Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 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 I wrote near the end of last week that this pair is not in any kind of long-term trend, and this situation persists, so all that can really be done here is watch the medium-term trend and key support and resistance levels. The medium-term trend has now turned bearish and we are seeing the beginning of a breakdown of a supportive area above 1.2600. A sustained break below 1.2600 would be a bearish sign, yet if it holds convincingly it might produce a long trade entry opportunity. 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.