Technical Analysis Free Forex Signals USD/CAD Forex Signal USD/CAD Forex Signal Monday, 24 December 2018 10:21 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as none of the key levels were reached during that day’s session. Today’s USD/CAD Signals Risk 0.75% per trade. Trades must be taken and closed by 5pm London time today. Short Trades Go short after the next bearish price action rejection following the next touch of 1.3620 or 1.3650. 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 Go long after the next bullish price action rejection following the next touch of 1.3563. 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 last Thursday that the the odds favoured bulls and pointed to further upwards movement due to the long-term bullish trend, but the price may require a bearish retracement before it could advance beyond 1.3500. I was ready to be bullish if the price could trade above 1.3500 for a couple of hours that day. It did so, and over the past few days that has been a good and profitable call, with the price rising since then to touch 1.3600. The odds are still in favour of the bulls, even though the price may be over-extended and require a pull-back. We have just had a short-term bullish turn, so I think the price will rise from here today at least by a few pips. I am bullish today above 1.3563. 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.