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 1.3085 or 1.3160.
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 1.2960.
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
For the first time in two weeks, this pair breaks down below the 1.3000 psychological support level reaching 1.2980, before settling around 1.3017 at. A return of stability above 1.30 will support the pair's upside rebound, and vice versa if stability is achieved without further selling the pair. Canada's recent gains came with strong support from the announcement of a breakthrough in the future of the NAFTA deal, as well as a surge in global crude oil prices. A break below 1.2960 support level validate the bullish price break.
Regarding the CAD, there will be the release of the House Price Index. Regarding the USD, here will be the release of consumer price index and jobless claims data.