USD/CAD is one of the majors we have in forex trading; it is a pair that involves the U.S. dollar and the Canadian dollar; with the U.S Dollar (USD) being the base currency and the Canadian Dollar is the counter currency.
If our USD CAD forex signals from Nys Trading requires our subscribers to sell, then what this means is to sell USD in anticipation that CAD will appreciate against USD. The USD CAD is often referred to as “Loonie”.
Like all other pairs, our decision to either buy or sell USDCAD is based on either fundamental analysis or a combination of both. When fundamental factors and technical analysis align to prompt our decision to either buy or sell, then the USD CAD forex signal has a higher probability of going as speculated.
Any fundamental factor that affects either the USD or Canadian dollar will be influential in determining the direction in which the USDCAD pair will move. Fundamental figures such as the interest rates coming from either the Federal Reserve (Fed) or the Bank of Canada (BoC), will have an effect on these currencies in relation to each other.
Our in-house fundamental analyst bases their decision to either sell or buy the USD based on expert analysis of all these data.
The basis that forms the decision to buy or sell in the technical analysis may involve the use of technical indicators or price action at major confluence (resistance and support) levels. Hence, our USD CAD forex signals are generated by price action and use of some technical indicators.
What is the Risk/Reward Ratio for your Signals?
Our risk to reward ratio can be 1:3, 1: 4, we try as much as possible to find a perfect entry such that our stop loss is not always more than 100 pips from entry, although it can be less than 100 pips.
Are your Signals Instant or Pending?
At Nys Trading, our USD CAD forex signals may be instant or pending, depending on our market analysis. In cases where the signals are instant; an example of our signals we state something like “buy USDCAD now at 1.0045”, the “now” there means they are to buy at the current market price and that’s an instant order.
For our pending order, it can be a buy stop, buy limit, sell stop, or sell limit depending on our analysis and view of the market. Our USD CAD forex signals will state the entry price, stop loss and take profit.
Do you send an update on your Signals?
Yes! We send an update to our clients if there is any need to either modify or close our open trades we may decide to exit a trade in profit even when it has not hit our target, we may decide to exit trades at loss as well as a measure to cut losses. Also, we may send an update to adjust our stop loss above or below entry level to lock profit and run the trade risk-free.