USD/CAD Forex Signal – Tuesday, July 11

Yesterday’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 must be entered between 8am and 5pm London time today only.

Long Trade 1

Long entry after the next bullish price action rejection following a first touch of 1.2839.

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 Trade 1

Go short after the next bearish price action rejection following a first touch of 1.3050.

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

There is a long-term bullish trend, but the price is now making a higher low not very far from the nearest support level at 1.2839. A deeper pull back towards 1.3000 may be necessary before the price can fall again. Unfortunately, there are no key levels to look for bearish turns at before 1.3050, although the 1.3000 has been sold before in the recent past.