USD/CAD Forex Signal – 11 June 2018

Last Thursday’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 entered between 8am London time and 5pm New York time, during the next 24-hour period.

Long Trade

— Go long after the next bullish price action rejection following the next touch of 1.2826.

— Place the stop loss 1 pip below the local swing low.

— Move 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 Trade

— Go short after the next bearish price action rejection following the next touch of 1.3047.

— 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.

— 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

I wrote last Thursday that playing the range will most probably continue to be the best strategy available, looking for longs at 1.2826 and shorts at 1.3047. This continues to work out well. I also continue to think there will be greater potential for a strong directional move up than down once the price finally manages to break out of this range, as longer-term charts are slightly bullish. If the price can convincingly break above 1.3050 it could go much further, but that looks very unlikely to happen today or tomorrow.

There is nothing due today concerning either the CAD or the USD.

This article provided by NewsEdge.