Forex Trading Money Making | USD/CAD Forex pair | Trading signals #17

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded the Euro / Great British Pound Forex pair with a Tools Trades signal, if you missed it, make sure to check it out!

Today our Forex pair of choice is going to be the United States Dollar / Canadian Dollar Forex pair, we are going to be testing out the limits of the Tools Trades trading signal values, the Take Profit and Stop Loss to be precise.

Our broker for this trade is going to be IQ Option, if you aren't acquainted with them by now, you are missing out on a quality trading experience!

For this trade, we aren't going to close the trade manually, we are going to wait out the signal entirely, to see if the Tools Trades trading signals live up to the expectations.

Please be advised that this could be risky, especially if you have done your research that shows different expectations than what the signal has provided you with.

Let's take a look at the Technical analysis for our Forex pair and see in which direction are the indicators pointing us.

This is a very interesting situation if you look at the summary, you will find that the difference between the indicators is an increment of one. Ah such, the indicators are barely favouring the buying position.

Oscillators are pointing us in the buying position with 0 indicators for the selling position. The situation with Moving Averages is different because they are in a very clutch situation when it comes to the buying position.

We have to be very careful in these situations, especially because this is far from an ideal situation when it comes to trading, let alone if you want to let trading signals take the wheel entirely.

Now it is time to check out the Forex Factory Economic calendar as a part of our Fundamental analysis.

Open up the Forex Factory Economic calendar and let's set it up so that it only shows relevant news.

We only need the information associated with the United States Dollar / Canadian Dollar Forex pair and as such everything else would be redundant.

The economic events listed above do not cover the Canadian Dollar part of our Forex pair, but the events that are related to the United States Dollar will be more than enough, so let's take a look at them:

1. Unemployment Rate (USD)

2. FOMC Member Harker Speaks (USD)

3. Revised UoM Consumer Sentiment (USD)

Unemployment Rate (USD) - A report of highest impact, it shows the percentage of the total workforce that is unemployed and actively seeking employment during the previous month. The number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labour-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy.

FOMC Member Harker Speaks (USD) - Federal Reserve Bank of Philadelphia President Patrick Harker will speak about the labour market recovery at a webinar. Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

Revised UoM Consumer Sentiment (USD) - This report is derived by a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions. As financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity we should keep a sharp eye on this one.

Don't forget to use the promo code #SHIVINVEST when you sign up for a Tools Trades account in order to receive additional free trading signals.

As we decided to let a trading signal go on fully, it is time to get one from the Tools Trades website. Our conclusion was that a buying position would be optimal, however, that it may be quite risky, with a lot of resistance and volatility of the market.

The signal we received from the Tools Trades confirmed that the buying position is the right choice, so let's enter the trade and see where that will take us. We made sure to enter the values that they provided us with, the Take Profit and Stop Loss values, as they are the most important things in this trade.

Now let's look at the chart after the trade, to see how things went:

We entered the trade on the far left of the chart, at the moment the bearish trend was ending. As we entered the trade in a buying position, our goal was to have the market rise, so that we can make a profit. You can see that there has been A LOT of resistance, the prices kept going up, then down, however, the price kept rising slowly. Eventually, the market took off and the price up, just like we hoped it would.

I logged on the IQ Option broker to check how the trade is doing and I was met with a great surprise. The trading signal has indeed reached the Take Profit value from Tools Trades and as such, we were able to make 9.513.72$ without even monitoring the trade!

This was very intense for me as I like to have control over things in general but it definitely paid off in the end. I will be doing this again in the near future to do more testing for you guys!

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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