(MENAFN- Daily Forex) 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 must be entered between 8am London time and 5pm New York time today only.
Short Trade
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Go short after the next bearish price action rejection following the next touch of 1.3464.
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Put the stop loss 1 pip above the local swing high.
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Move 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.
Long Trades
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Go long after the next bullish price action rejection following the next touch of 1.3261 or 1.3214.
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Put the stop loss 1 pip below the local swing low.
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Move 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 wrote last Thursday that there were signs that (the bullish) momentum may be slowing. It was quite likely the momentum will be lost as the price gets near the psychologically important 1.3500 area, but the medium-term and short-term pictures were certainly bullish. This was a fairly good call as the price fell strongly after getting near to the resistance level at 1.3464. Now, the price chart looks quite strange, and this pair looks unpredictable with no real clues as to which way it is most likely to move over the short term. The best that can be said is that the price is in a very wide, slightly bullish price channel, so bullish bounces at the support levels, especially at 1.3214, look like the only worthwhile opportunities which might arise here.
There is nothing important due today concerning either the CAD or the USD.
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