(MENAFN- Daily Forex) Yesterday's signals were not triggered, as none of the key levels were ever reached.
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.
Short Trade
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Short entry after the next bearish price action rejection following the next touch of 1.3464.
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Place 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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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.
Long Trades
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Long entry after the next bullish price action rejection following the next touch of 1.3261.
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Place 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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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 yesterday that best that could be said was that the price was 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.
We did not get such a bounce, but the price did move in a bullish direction, as the U.S. Dollar rose, and Crude Oil fell. The chart still looks strange and beyond noting the short-term bullish momentum, there is little to say here. I would not trade this pair, but I think the price is slightly more likely to rise today than to fall.
There is nothing important due today concerning the CAD. Regarding the USD, there will be a release of PPI data at 1:30pm London time.
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