USD/CAD Forex Signal | DailyForex

Last Thursday’s signals were not triggered, as none of the key levels were reached that day.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades may be taken from 8am London time to 5pm New York time today only.

Long Trades

  • Go long after the next bullish price action rejection following the next touch of 1.3336 or 1.3304.
  • 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.

Short Trades

  • Go short after the next bearish price action rejection following the next touch of 1.3402 or 1.3470.
  • 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.

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 was messy and unpredictable, without any long-term trend. The standout technical feature was the resistance at 1.3375 which looked very strong, so I thought a short from that level would probably be the best trade opportunity which could set up that day. I was on the right track, but the level was never reached, and we eventually got a bullish break to new highs.

The picture looks more bullish now although 1.3402 looks likely to be strong resistance. That is likely to be today’s major pivotal point, and I would take a bullish bias if the price can close above it for a couple of hours today, as it has plenty of room to rise to the very long-term highs below 1.3500. The problem for bulls might be the strength in Crude Oil, which will tend to strengthen the Canadian Dollar.

USD/CAD Forex Signal | DailyForex

There is nothing of high importance due today concerning either the CAD or the USD.

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