USD/CAD Forex Signal - Monday, June 12

Last Thursday’s signals were not triggered as there was insufficiently bullish price action at 1.3433.

Today’s USD/CAD Signals

Risk 0.50% per trade.

Trades must be entered between 8am and 5pm New York time today only. 

Long Trades

• Long entry after the next bullish price action rejection following a first touch of 1.3427.
• 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.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Short Trades

• Short entry after the next bearish price action rejection following a first touch of 1.3484 and 1.3542.
• 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.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

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

The price remains within a broad range centered upon an area just under 1.3500. Coupled with the total absence of any long-term trend, it suggests a major lack of direction.

(Click on image to enlarge)

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