Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today.
Short Trade
- Short entry after the next strongly bearish price action rejection following the next touch of 1.3210 or 1.3300.
- 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.
- Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trades
- Long entry after the next strongly bullish price action rejection following the next touch of 1.3050.
- 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.
- Take off 50% of the position as profit when the trade is 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
The pair moves in a tight range waiting for stronger catalysts to move further. The move above the higher resistance at 1.3000 will continue to support bullish outlook. The pair declined to the 1.3137 level and this is a good reason to buy at the 1.3070 level. Oil price action and the future of NAFTA will have a strong impact on the performance of the pair, which is still maintaining its bullish momentum.
There is nothing important due today concerning the USD or CAD.