Last Thursday’s signals were not triggered as unfortunately the high of that session was a few pips short of the identified resistance level at 1.3671.
Today’s 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
Short Trade 1
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.
The price has fallen by quite a lot over recent days and with the current strength in Crude Oil boosting the Canadian Dollar, it looks as if it is going to fall some more. However, the price is now approaching the 1.3500 level which could provide some support, and there is an obvious inflection point not far below that at 1.3455. Short trades down to that level will probably be the best opportunities in this currency pair today.
There is nothing due today concerning either the CAD or the USD. It is a public holiday in Canada.