Technical Analysis Free Forex Signals USD/CAD Forex Signal USD/CAD Forex Signal Thursday, 6 December 2018 10:29 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 1.3383. Today’s USD/CAD Signals Risk 0.75% per trade. Trades may only be taken before 5pm New York time today. Short Trades Short entry after the next bearish price action rejection following the next touch of 1.3464 or 1.3500 or 1.3540. 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 1.3329. 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 action today would probably be very unpredictable, as the Bank of Canada would be bringing their major monthly input later, which might drive the price anywhere. Therefore, I had no directional bias on this pair. The Bank of Canada’s language in its monthly release yesterday was more dovish than expected, and this has helped to continue the price rise here, which also gets a tailwind from falling Crude Oil prices. Technically, the price may now be breaking above an old trend line, but there are signs that momentum may be slowing. It is quite likely the momentum will be lost as the price gets near the psychologically important 1.3500 area, but the medium-term and short-term pictures are certainly bullish. I would take a bullish bias if the area around 1.3350 is tested and holds up with a bullish bounce. Regarding the CAD, there will be a release of Trade Balance data at 1:30pm London time, followed 5 minutes later by a major speech from the Governor of the Bank of Canada. Concerning the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm. 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.