Technical Analysis Free Forex Signals USD/CAD Forex Signal USD/CAD Forex Signal Wednesday, 28 November 2018 10:18 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals produced a short trade entry from the rejection of the resistance level at 1.3327, which would still be open and running at a small floating loss. The trade looks neither especially good or bad in terms of its progress so the outlook for it is neutral. Today’s USD/CAD Signals Risk 0.75% per trade. Trades must be entered between 8am London time and 5pm New York time today only. Short Trades Go short after the next bearish price action rejection following the next touch of 1.3327 or 1.3383. Put 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 trade is 20 pips in profit and leave the remainder of the position to run. Long Trade Go long after the next bullish price action rejection following the next touch of 1.3267 or 1.3183. Put 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 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 I wrote yesterday that the outlook was more bullish with the USD advancing everywhere, and if the price could convincingly break above 1.3264 the picture would become much more bullish, so I would take a bullish bias at that point if it happens. This was a good call as we got the break, and the price advanced all the way to the next resistance level at 1.3327. There was a bearish rejection there, but the bullish momentum seems to be coming again and the price looks likely to test that resistance level for a second time. This is likely to provide today’s decisive moment, so I will be bullish if the price breaks above 1.3327 for a couple of hours; or if fails there decisively and produces a double top, I will be bearish. There is nothing important due today concerning the CAD. Regarding the USD, there will be a release of Preliminary GDP data at 1:30pm 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.