USD/CAD Forex Signal
|Yesterday’s signals were not triggered, as the bullish price action took place below 1.3120.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trade
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Go long after the next bullish price action rejection following the next touch of 1.3053.
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Put the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade
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Go short after the next strongly bearish price action rejection following the next touch of 1.3281.
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Put the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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 tool a bullish bias yesterday above 1.3120. This did not work out well as the price fell to below the level before making a single bullish bounce. The picture now looks more bearish. The price action shown in the chart below does not look attractively predictable. I take no bias today and expect there will be better action for traders in other currency pairs.
There is nothing important due today concerning either the CAD or the USD.
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