(MENAFN- Daily Forex) USDCAD: Bullish consolidation between 1.3236 and 1.3308
Last Thursday's signalswere not triggered as there was no bullish price action at 1.3271 that day.
Today's USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken between 8am London time and 5pm New York time today only.
Long Trade Ideas
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Long entry after the next bullish price action rejection following the next touch of 1.3236 or 1.3177.
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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 ride.
Short Trade Ideas
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Short entry after the next bearish price action rejection following the next touch of 1.3308, 1.3345, or 1.3359.
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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 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.
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USD/CAD Analysis
I wrote last Thursday that despite the medium to short-term bullish picture, over the long-term the price was still ranging. The price really needed to get established above 1.3359 to generate a truly bullish picture and it got nowhere near that.
The picture now is one of a slightly bullish consolidation pattern between 1.3308 and 1.3236. Due to the long-term trend I would prefer a long trade from a bullish bounce at 1.3236 but a short trade with a conservative profit target from 1.3308 could also be possible.
I would take a bullish bias if we get a nice bullish reversal at 1.3236 later, or a bearish bias if we get a bearish reversal later at 1.3359, the latter of which is not likely to happen today. 
There is nothing of high importance due today concerning either the CAD or the USD.
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