USD/CAD Forex Signal
|Last Thursday’s signals were not triggered, as there was no bearish price action at 1.3047.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered until 5pm New York time, during the next 24-hour period only.
Long Trade
-
Go long after the next bullish price action rejection following the next touch of 1.3142.
-
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.
-
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trades
-
Go short after the next bearish price action rejection following the next touch of 1.3254 or 1.3312.
-
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.
-
Remove 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 this pair had become very interesting, as it had been building bullish pressure under the resistance at 1.3050 to produce a dramatic bullish breakout. This was a great call, as the strong bullish break came, and the price just kept rising and rising on Friday, closing last week right on its high, which was a bullish sign.
The pair is now in a clear long-term trend and has just made a new 6-month high price. It seems set for further gains this week, with Canada getting hit with American tariffs which is producing a negative impact on its currency.
The price has sold off just a little since its open this week but has not done anything to change the overall picture. It would be a surprise if we do not see still higher prices over the next few days. The resistance at 1.3250 may hold the price down, at least for a while, as that is confluent with a key psychological level.
I have a bullish bias today below 1.3250.
There is nothing important due today concerning either the CAD or the USD.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.