USD/CAD Forex Signal  – 09 April 2018

USD/CAD Forex Signal – 09 April 2018

USD/CAD Daily Forecast 9th April 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 taken between 8am London time and 5pm New York time today.

Long Trade

  • Go long after the next bullish price action rejection following the next touch of 1.2732 or 1.2669.
  • 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 1.2840.
  • Place the stop loss 1 pip above the local swing high.
  • 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.

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 the price looks likely to consolidate today, between the key levels. I had no directional bias. This approach turned out well, as the price is still ranging and contained within this area. This pair looks very dead right now and not interesting to trade. The action may pick up later after New York opens, meanwhile it looks as if the action will be elsewhere. I again take no bias, and see this pair as best avoided.

USD/CAD

Concerning the CAD, there will be a release of the Bank of Canada’s Business Outlook Survey at 3:30pm London time. There is nothing due regarding the USD. 

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