USD/CAD Forex Signal – Tuesday, June 13

Yesterday’s signals were not triggered, as there was no bullish price action at any of the key support levels which were reached.

Today’s USD/CAD Signals

Risk 0.50% per trade.

Trades may only be taken before 5pm New York time today. 

Long Trade 1

  • Go long after the next bullish price action rejection following a first touch of 1.3210.

  • Put 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.

  • 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 Trades

  • Go short after the next bearish price action rejection following a first touch of 1.3312 or 1.3373.

  • Put 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.

  • 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.

    USD/CAD Analysis

    This pair seized the market’s attention during the latter part of yesterday’s New York session when the Bank of Canada’s Senior Deputy Governor Wilkins suggested a rate hike might be on the way. This had the effect of sending the Canadian Dollar sharply higher, and the effect is still being felt in trading as I write hours later, with the Loonie going on to make new highs. This pair was no exception, and the price cut through three major levels of anticipated support like a knife through butter. 

    There is no long-term trend in this pair, which suggests that the move should end in a significant pull back. However, it is too early to say how much further this pair might fall before that happens. I would be very careful in taking any long trade today. A quick pull-back to the nearest resistance at 1.3312 could be an excellent opportunity to enter a short trade.

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    Author: Travis Esquivel

    Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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