Canadiandollar
GBPCAD May Go Higher! Here is Why: 🇬🇧🇨🇦
GBPCAD is trading in a bullish trend on a daily since the end of September.
The price set new higher lows, respecting a solid rising trend line.
On Friday, the price set a new higher high higher close, violating a local
daily horizontal resistance.
It signifies a strength of the buyers and a highly probable bullish continuation
to the next strong resistance.
The next structure on focus - 1.699
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EURCAD Rally most likely coming to an end.The EURCAD pair has been rising since the September 28 bottom on the bullish leg of the 9-month Channel Down, turning both the 1D MA200 (orange trend-line) and the 1D MA50 (blue trend-line) into Supports. The uptrend hit the Internal Lower Highs trend-line last week, got rejected but was supported on the 1D MA200 and is testing it yet again today.
As the 1D RSI is making a Double Top rejection under the 2023 Resistance Zone, we may have the first medium-term sell signal emerging and a 1D MACD Bearish Cross will confirm it. In that case, sell and target the 1D MA50 at 1.4500. Those who wish to take some more risk, can extend selling to 1.4400 (-2.43% decline, in line with past pull-backs).
If however the pair closes a 1D candle above Resistance 1, we will take the loss on the sell position and open a buy instead, targeting Resistance 2 at 1.51000.
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CADJPY Bullish Cross signalling a buy.CADJPY it at the top of a short term Falling Wedge pattern inside a larger Channel Up.
The 1day MACD just formed a Bullish Cross. Every time the price has been on the 1day MA50 while the MACD formed a Bullish Cross, the pair traded inside a similar Falling Wedge pattern.
A break out followed with the price hitting at least the previous High (Resistance A).
Buy now and target 111.245 (Resistance A).
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NZDCAD: Descending Channel TopAs we can see from the chart this pair has been in a long-term downtrend, and we're now at the top of the falling channel.
We've seen support hold around 0.797 so my target will be just above this for a short position this week, a break above 0.8215 will invalidate, breaking both the channel and creating a HH, so this would suggest a potential reversal.
I'm looking at overall NZD performance (NZDWCU) and how it sits against the various crosses, it's had a strong few weeks but I'm expecting across the board retracement from it.
For this pair a fail to break below 0.796 will leave a double bottom / HL and again signify a potential reversal in the making.
This week short for me.
CADCHF - BULLISH MOVE
As We Talked in The Previous Analysis:
On Thursday 19 Oct, The CADCHF Price Reached a Support Level (0.64800 - 0.64950)
The Price Created a Rectangular Range.
The Upper Resistance is Broken.
Currently,
The Price Created a Correction and Touched The Support Level!
and Now it Will Continue its Bullish Movement !
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TARGET: 0.65980🎯
NZDCAD: Targeting the 1D MA200NZDCAD just turned bullish on the 1D technical outlook (RSI = 56.955, MACD = 0.000, ADX = 22.539) as it rebounded on the 1D MA50. The signs for this rally emerged after a Double Bottom Zone emerged, following a nearly 5 month RSI Bullish Divergence on HL, which indicates that we may be initiating a new long term bullish trend.
Our focus for now is on the short term though as we go long, targeting the R1 level (TP = 0.82175) and a potential touch with the 1D MA200. That will be a new LH for the Bearish Megaphone pattern.
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CADCHF: Ready to go?Been watching this pair for a while, I'm noticing the Swissie generally weaken against it's crosses, many look ready for a reversal to me.
CADCHF has been trading in a range, we can see daily failures at the current level which suggests to me we're about to bounce up so I'm looking for a buy on LTF's.
I first posted this idea on the 18th October, it now looks like we're about ready to go!
CADCHF: Six month Support Zone holding.CADCHF has held trading over the six month S1 Zone for the eight straight session. Obviously this turned the 4H timeframe (and below) neutral (RSI = 52.551, MACD = 0.000, ADX = 32.796), which makes for a solid bottom formation. On a wider look it appears that the original Channel Down transitioned into a Rectangle of a R1 and S1 Zone. The 1D MACD Bullish Cross will give the buy signal if formed and our target will by the LH trendline of the Channel Down (TP = 0.67850).
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EURCAD - Resistance Becomes SupportHello Traders !
The EURCAD Price Broke a Daily Resistance Level (1.45161 - 1.44648)
Currently,
-This Resistance Level Becomes a New Support Level.
So, I Expect a Bullish Move📈
i'm waiting for retest...
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TARGET: 1.46220🎯
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USDCAD: Overbought Market & Pullback 🇺🇸🇨🇦
USDCAD looks exhausted to me.
After a strong bullish movement, the pair formed a rising wedge pattern.
The support of the wedge was broken with a bearish engulfing candle.
It is an important sign of strength of the sellers.
A retracement is expected to 1.3789 / 1.3768
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AUDCAD Best sell entry of the last 3 months!The AUDCAD pair is trading inside a Channel Down for the whole year.
Today it hit the 1day MA100 for the first time in 3 months.
After March 24th, all 1day MA100 tests have ended with huge price rejections.
The lowest bearish sequence has been -3.14% and the highest -4.68%.
Sell now and target 0.8515 (-3.14% decline).
Previous chart:
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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.
EURCAD: One More Breakout Trade 🇪🇺🇨🇦
I spotted one more confirmed breakout.
EURCAD violated a key daily resistance.
On a retest of a broken structure, the price formed an ascending triangle formation
with a confirmed neckline violation.
I expect a further bullish continuation on the pair at least to 1.458
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EURCAD 1day MA50 break out. Buy.The EURCAD pair crossed over the 1day MA50 yesterday for the first time in 6 weeks and today is closing over it.
This is a bullish extension signal towards at least the Falling Resistance.
Every bullish sequence in 2023 following a 1day MA50 break out has made at least a +4.21% rise.
Buy now and target 1.46800 (Falling Resistance).
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CADCHF: Pullback From Key Level 🇨🇦🇨🇭
CADCHF is taking off from a solid horizontal daily support.
The price formed a double bottom formation on that on an hourly time frame.
Feels like the market is oversold and it is the moment for correction.
Bullish continuation is expected to 0.6535 / 0.6550
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CADJPY: Intraday Bullish Reversal 🇨🇦🇯🇵
After a strong bearish movement, CADJPY leaves multiple strong bullish clues.
First, the price formed a falling wedge pattern and violated its upper boundary.
A double bottom pattern was formed then.
Its neckline was also broken.
These 2 patterns confirm the intraday change of character on the pair.
Goals: 109.6 / 109.9
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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.
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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
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