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Canadiandollar

Best trade of the week? USDCAD or Oil? Will bearish bets on the Canadian dollar grow in the lead up to Wednesday? It is widely expected that the Canadian central bank will leave interest rates on hold during its meeting that concludes on this day (Although, it may be a hawkish hold as the Governor Tiff Macklem will mention that another hike is still on the table for the bank). Perhaps piling on the bearish sentiment is the slight fall in the price of oil (one of Canada's major exports), as US diplomatic efforts continue to contain the conflict between Israel and Hamas. How long this quietish period can last is up for debate though, and a ground offensive by the IDF in Gaza could send oil prices higher. Bullish takes on the USD/CAD (i.e., bearish bets on the Loonie) will have 1.37350 to content with, which is the high the pair reached before cratering to 1.36712 to start the week. 1.36936 is the more immediate resistance for bull to cross before even thinking about the day's high. The RSI’s weakness suggests this won’t be too difficult though, and 1.37189 might be the more formidable resistance.
by BlackBull_Markets
USDCAD Bullish targeting a Higher High.The USDCAD pair is trading within a Channel Up supported by the 1D MA50 (blue trend-line). The current bullish leg started after a 1D Golden Cross and is half-way towards pricing a new Higher High. We are already bullish on this pair but the recent rebound indicates that another buy can be added now. Our target is 1.39800 (Resistance 2), which makes a Higher High of nearly +4.58% similar to the previous one. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot
1
AUDCAD: Time to Short 🇦🇺🇨🇦 Here is a classic example of a top-down confirmation setup: after a breakout of a key support on a daily, AUDCAD retested that. The price was steadily growing within a bearish flag formation. The text of structure triggered a strong bearish reaction and the price violated a support of the flag. It confirms the strength of the sellers and a highly probable bearish continuation. Goals: 0.859 / 0.8576 ❤️Please, support my work with like, thank you!❤️
Short
by VasilyTrader
10
GBPCAD - Bearish Double TOP 📉 Hello Traders ! On Friday 22 Sep, The GBPCAD Broke a Strong Support Level (1.65373-1.67148) This Key Level Becomes a New Resistance Level. The Price Created a New Correction in The Previous Week! Currently, The Price Formed a Double TOP Pattern. The Neckline is Broken. So, I Expect a Bearish Move ! i'm waiting for retest... ----------- TARGET: 1.63830🎯 ___________ if you agree with this IDEA, please leave a LIKE, SUBSCRIBE or COMMENT!
Short
by Hsan_BenAhmed
11
NZDCAD This rise is a great opportunity to sellThe NZDCAD pair provided us with one of the best short opportunities (see chart below) earlier this year in January, which was confirmed when the 1D MA100 broke: As you can see, this created a Channel Down pattern and the recent rise that broke above the 1D MA50 (blue trend-line) is the bullish leg towards the new Lower High. Technically it shouldn't exceed the 1D MA200 (orange trend-line) but there is some probability that since we have Diverging Lower Lows (dashed) we may see a Diverging Lower Highs trend-line emerge. In any case, with the 1D RSI the closest to the 70.00 overbought barrier since July 14 and the last Lower High, the Risk/ Reward favors shorting, with our targeting being at 0.78515 (-5.20% decline as the last two, contacting the Diverging Lower Lows trend-line). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
CADCHF Pure Resistance - Support trade.The CADCHF pair is trading within a 5-month Rectangle pattern. Following the rejection on the 0.68310 Resistance and establishing the price action below the 1D MA200 (orange trend-line), it should begin the final bearish phase towards the 0.64600 Support. The 1D MA50 is in between but after the 1D MACD formed a Bearish Cross, it shouldn't hold. Our target is 0.64800. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
GBPCAD Waiting for a bullish extension confirmation.The GBPCAD pair has been trading within a Bullish Megaphone for the whole year and is about to test the 1D MA200 (orange trend-line). The recent rebound is taking place on strong technicals as it not only started on the 1W MA100 (red trend-line) but also after a 1D MACD Bullish Cross from oversold levels that we haven't seen since July 2019. If the 1D MA200 breaks and closes a 1D candle above it, the bullish extension will be confirmed and we will buy, targeting the 0.786 Fibonacci retracement level at 1.71110. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot