USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trade 1
* Long entry after the next bullish price action rejection following a first touch of 1.3450.
* Put 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.
* 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
* Short entry after the next bearish price action rejection following a first touch of 1.3496 or 1.3551.
* Put 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.
* 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
This pair has continued to move up strongly for another consecutive day and is looking increasingly interesting. It is now approaching a very crucial resistance level which is confluent with both a long-term bearish trend line and a large psychologically important round number at 1.3500, so the upwards movement could reverse here, but short traders should be very cautious as there is a lot of pressure on the Canadian Dollar as the price of Crude Oil weakens.
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