Technical Analysis Free Forex Signals USD/CAD Forex Signal USD/CAD Forex Signal Thursday, 29 November 2018 11:27 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered as there was no suitable price action at the key levels which were reached. The pin candlestick a 1.3327 was too small. Today’s USD/CAD Signals Risk 0.75% per trade. Trades must be entered before 5pm New York time today. Short Trade Short entry after the next bearish price action rejection following the next touch of 1.3383. Place the stop loss 1 pip above the local swing high. Adjust 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 Trade Long entry after the next bullish price action rejection following the next touch of 1.3183. Place the stop loss 1 pip below the local swing low. Adjust 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 I wrote yesterday that I would be bullish if the price broke above 1.3327 for a couple of hours; or if it failed there decisively and produced a double top, I would be bearish. I saw 1.3327 as the likely pivotal level of the day. This initially appeared to be the case, but I was wrong. The price has moved quite erratically now invalidated nearby levels, leaving us with a mess within a wide range where it looks as if anything might happen now. The best that can be said is that there may be some support at about 1.3240. For this reason, I see no opportunity here, and would avoid trading this currency pair today. There is nothing important due today concerning the CAD. Regarding the USD, there will be a release of the 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.