It seems this command is more like a attack than actually blocking. I suggest making it 'hot' to where you can block incoming attacks while the ctrl-key is held down and then holding the right or left key down as well. Blocking seems to be more of a unarmed function, not wielding anything. It feels like its almost impossible to block unless your lucky.
Parry on the other hand, seems like more of a counter-attack but a attack. Something you do to counter an incoming attack. Possibly but not necessarily giving damage in return. The current system seems to fit this however, it would still be 'almost' impossible to use parry due to timing and unless your lucky. As above.