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USD/CAD Forex Signal

Written by By Fiona Cincotta | 2019-02-11 09:47:31 GMT

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades must be entered by 5pm New York time today only.

Long Trades

  • Go long after the next bullish price action rejection following the next touch of 1.3250 or 1.3208.

  • Place 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.

  • 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.

Short Trades

  • Go short after the next bearish price action rejection following the next touch of 1.3295, 1.3332 or 1.3367.

  • Place 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.

  • 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 last Thursday that I expected we would see higher prices still over the course of the day. I took a bullish bias on this currency pair as there was strongly bullish momentum and resistance levels were being invalidated. This was a good call as the price continued to advance quite strongly over the rest of the London and New York trading sessions that day.

We have since seen a drop and retracement which looks serious due to its relatively high volatility and also as it printed a new lower resistance level at 1.3295. The longer the price stays below 1.3300 the less bullish the picture would become, but I still see the odds as with the bulls. We may get little movement today as it is a Monday with no major USD data events scheduled. I would be prepared for a conservative long trade if there is another drop to 1.3249 followed by a quick and healthy bullish bounce.

USDCAD

There is nothing of high importance due today regarding either the CAD or the USD.

Author

By Fiona Cincotta
XM

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