Yesterday’s signals were not triggered as neither of the key levels were ever reached.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades must be entered before 5pm New York time today only.

Long Trades

* Go long after the next bullish price action rejection following a first touch of 1.3354, 1.3290, or the bullish trend line below currently sitting at about 1.3325.

* 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 Trade 1

* Go short after the next bearish price action rejection following a first touch of 1.3423.

* 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

This pair really stands out as having low volatility and high relative congestion compared to most other currency pairs. Even the strong U.S. Dollar could not get the price to break out past the resistant area capped at 1.3423. The chart below now shows a very technical picture, with a bearish Quasimodo/over and under pattern moving down from the resistance which begins at 1.3400, but there is some new support below which is quite likely to be influential. There are plenty of possible entries, but also every sign that price movements are not going to move far directionally so high-probability profit targets would be very conservative.

There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Crude Oil Inventories data at 2:30pm London time.