There is nothing important due today concerning the CAD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.
There is nothing important due today concerning the CAD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.
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It seems that the bullish move may be running out of momentum, but the odds are still with the bulls as we have a clear long-term bullish trend here. I would be bullish after a strong bounce at 1.3565 if it happens later.
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I wrote yesterday that the CAD remained very weak due to the still-falling price of Crude Oil. This pair could start to rise again later after the New York open. I was prepared to take a bullish bias after another good bounce at 1.3565. This was a good call as although the price made a low just a couple of pips above the level before turning around and challenging the highs again; however, the price has not been able to exceed earlier highs yet.
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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.
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Long Trades
Go long after the next bullish price action rejection following the next touch of 1.3565 or 1.3529.
Place 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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
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Short Trades
Go short after the next bearish price action rejection following the next touch of 1.3620 or 1.3650.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
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Yesterday’s signals were not triggered, as the price did not quite reach either of the nearby levels.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm New York time today only.
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An index that tracks the dollar versus a group of six currencies .DXY was up 0.31 percent at 96.81 after falling 0.78 percent last week.
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The futures market implied traders expected the U.S. central bank to raise key lending rates by a quarter point at its Dec. 18-19 meeting to 2.25-2.50 percent, marking its fourth rate hike in 2018. They now saw no more than one rate increase in 2019, down from two a month ago, according to CME Group’s FedWatch program.
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“You are getting a bit of reprieve from a very dovish view for the Fed in the next 12 months,” Tomes said.
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