USDCAD Free Forex Trading Signals – 7th Feb 2017

USDCAD seems to be bullish after breaking the down trending Trend line. The pair has produced a huge engulfing H4 candle at 1.30100. Then, the price is heading towards the north. Today’s price action suggests that the pair might offer us long entry later today. Let us have a look at the H4 USDCAD chart.

Look at the big H4 engulfing candle at 1.30100. Then, there is another H4 bull candle. The price then started having correction. It has found the support at 1.30750. An engulfing H4 candle is being produced as it looks. If we get an H4 breakout at 1.31150, then we should wait for an H1 candle to cover the higher high of that breakout H4 candle to take long entry. Nearest strong resistance is at 1.32270, which means there is enough space for the buyers to be with their long entries.

Let us have a look at the summary of the trade

• Buy Stop Order: $1.31150
• Stop loss Level: $1.30750
• Take Profit Target: $1.32270

There is a saying in the Forex market that “Cut your loss short and let your profit run”. As a trader, we have to learn the art of doing that. It is easier said than done though. However, one way to do is choosing our trading pair wisely. One that offers more reward over the risk has more chance to give us more pips than we have thought initially. In this case, we can cut our partial trade and take out some profit to let the rest of the trade run and get us more pips. On the other hand, when a trade goes against us, we must come out as soon as we can with our whole entry.

Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: USDCAD Free Forex Trading Signals – 7th Feb 2017.