Dear USD/CAD Trading Signal Traders
The trading signal from last time did not perform as expected. I was long just below 43.00. The price did not show any signs of bullishness and some of the buyers started pulling away from their long positions. The price action on the lower time frames was not showing any bullish signs and slowly the market retraced only to find itself in a bearish mood again. The resistance level at 43.00 proved to be stronger than expected.
Being between USD/CAD and Crude Oil, both of them negatively correlated, I believe I have been “torn apart” between two market beasts… Today, I am seeing more bullishness in the USD/CAD pair and strictly following my price action rules, I am looking to enter into a long position. I will probably be looking to go long at 1.3362. My stop would be placed just under the two daily bearish rejections– below 1.3300. The other reason for my bullishness is that the USD/CAD formed two consecutive pin bars, which are showing more selling hesitance and from here the bullish signal. My primary target is at 1.3450. My secondary target is at 1.3600.