USD/CAD Forex Signal

Yesterday’s signals produced a losing trade following the doji inside candlestick rejecting the support level at 1.2693.

Today’s USD/CAD Signals

Risk 0.50% per trade.

Trades must be taken before 5pm New York time today only.

Long Trades

Long entry after the next bullish price action rejection following the next touch of 1.2746 or 1.2693.
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.
Take off 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

Short entry after the next bearish price action rejection following the first touch of 1.2787.
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.
Take off 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’ve been warning for a while that this pair is challenging to trade, and that there are better opportunities in other currency pairs. Yesterday saw a false break below support and a consolidating triangle, before the price turned around and shot up, flipping resistance levels into probable future support. I did mention that I saw a bullish move over the short term as slightly more likely than a bearish one.

The strongest such level is just a few pips below the big psychological number of 1.2750, so is the level that stands out in today’s chart as the most likely to be reliable.

There is still no clear trend in this pair on significant timeframes. Again, there are probably going to be better opportunities in other Forex currency pairs today, although the busy news schedule should provide more movement than is usual.

Concerning the CAD, the Governor of the Bank of Canada will be speaking about the Financial System Review at 4:30pm London time. Regarding the USD, there will be a release of CB Consumer Confidence earlier data at 3pm, while the new designated Chair of the Federal Reserve will be testifying before Congress at the same time. The U.S. Treasury Secretary will be giving a minor presentation at 8:45pm.

Let's block ads!(Why?)

Read Again USD/CAD Forex Signal : http://ift.tt/2iX3xQ8

Let's block ads! (Why?)