GBPCAD Head and shouldersI have spotted a head and shoulder formation. the price has broken the resistance and the pair may retest the new support then fall.
Loonie
USDCAD Targeting A HVN TestIn this update we review the recent price action in the USDCAD and identify the next high probability trading opportunity and price objective to target
USDCAD approaching short term supportUSDCAD - Intraday - We look to Buy at 1.2950 (stop at 1.2890)
Previous support located at 1.2950. Previous resistance located at 1.3000. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 1.3000 will confirm the bullish momentum.
Our profit targets will be 1.3100 and 1.3125
Resistance: 1.3000 / 1.3100 / 1.3125
Support: 1.2950 / 1.2900 / 1.2850
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The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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USDCAD Trade Idea! --- BullishLast weekly candle closed bullish on this USDCAD pair. We anticipate a fill on that weekly candle (wick) and potentially breaking above resistance 1.3075 key level. On this hourly chart, we see a bull flag forming which supports our bullish view.
~ Happy Trading folks!
Cheers!
USDCAD Likely To Consolidate Before Major Uptrend Resumes!Loonie might likely consolidate this week as the prices would likely try to aim for the rising trendline. After the BOC raised the rates by 100bps, the consolidation scenario seems likely before the major uptrend resumes.
Technically, looking at the main chart the price failed to breach the 1.30700 level and created multiple wicks signaling rejection. For the short trade criteria to be met, it would be wise to await the daily candle breach and close below 1.28200 support/ demand zone. After confirming the break the ideal target would be the rising trendline.
Just to note that this scenario is a counter trend move, once the prices hit the rising trendline, the major uptrend might likely resume. Have a look at the main chart and observe the technical analysis and also related link section.
CADCHF Long Trade OpportunityA 'buy' opportunity has just presented itself on the loonie-swissy trading chart. This is occasioned by the bullish harami candlestick pattern which closes just above the 0.74593 horizontal support level, which signals a fakeout and suggests an upward price movement.
You can still enter this trade by setting your stop slightly below the level mentioned earlier and placing your target anywhere between your entry price and the 0.78000 psychological level (ensuring a reward-to-risk ratio of at least 3.00).
Happy trading!
AUDCAD Short Trade OpportunityA 'sell' opportunity has just presented itself on the aussie-loonie trading chart. This is occasioned by the bearish harami candlestick pattern just below the 0.91276 horizontal resistance level, which signals a rejection of the same level and suggests a downward price movement.
You can still enter this trade by setting your stop slightly above the aforementioned level and placing your target anywhere between your entry price and the 0.89092 horizontal support level (ensuring a reward-to-risk ratio of at least 3.00).
Happy trading!
Joe Gun2Head Trade - Fading short term gains on AUDCADTrade Idea: Fading short term gains on AUDCAD
Reasoning: Rallied into downtrend resistance on the 60min chart
Entry Level: 0.9017
Take Profit Level: 0.8883
Stop Loss: 0.9052
Risk/Reward: 3.75:1
Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis , like all indicators, strategies, columns, articles and other features accessible on/though this site is for informational purposes only and should not be construed as investment advice by you. Your use of the technical analysis , as would also your use of all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
CADJPY climbing towards historical resistanceThe Japanese yen's weakness is obvious across all its pairs, including against the Canadian dollar. The CADJPY has displayed a strong bullish uptrend after its breakout above the 92 price level, on a monthly time frame, and is now facing a historical resistance in which to overcome.
Looking at the CADJPY on the chart below, we can see that the price is currently at the supply area based on the Supply and Demand indicator and has a strong resistance at 103.381. Historically, the price has rejected at that price level and moved back lower to the decade-long demand zone at around 74.580.
Traders are on the lookout right now at this strong monthly supply zone as this could be a good opportunity to take an upside position for a breakout or take a sell to the downside if it rejects at the supply zone.
If an upside break does occur, will the CADJPY continue all the way to the next supply zone starting at 115.530? The possibility of this might be dependent on the fundamental factors, including whether Japanese authorities intervene in the currency market.
Fundamental note
The Bank of Japan has vowed to maintain its ultra accommodative policy, in stark contrast to the actions taken by other major central banks. As a result of bank’s inaction, it will be up to the Ministry of Finance to intervene in the currency market if the JPY continues its rapid depreciation.
EURCAD Long Trade IdeaA long trade opportunity has recently presented itself on the euro-loonie trading chart, occasioned by the bullish engulfing candlestick pattern just above the 1.33931 horizontal support level.
This shows a rejection of the same support level, with tendency for massive moves to the upside. There's been quite a move already but you can still enter the trade if you can afford a generous stop slightly below the aforementioned support level. Your targets could be anywhere between your entry price to slightly below the 1.38178 horizontal resistance price level.
Your FX Plug
USD/CAD -07/06/2022-• Pair is bullish as long as it is above the weekly ascending trend line labeled in orange
• Next target upside is at 1.2950 where price got rejected several times
• Will bulls get a successful breakout this time ?
• 2 scenario are presented in the chart above
• 1st scenario: bulls successfully break the 1.2950 level and continue pushing prices higher
• 2nd scenario: bulls fail again and prices start to fall after hitting 1.2950
• Bullish pattern on weekly chart: ascending triangle, which favors a bullish breakout past 1.2950 in the weeks ahead
USDCAD 6th JUNE 2022“Loonie” is one of the most liquid pairs in the forex market. This is because this currency pair represents the two largest and most stable economies in the world. The economic environment in Canada is similar to that of the United States. Both countries have a long history as trading partners and both countries have high per capita incomes.
The dynamics of oil supply and demand can have a big impact on the movement of the USDCAD currency pair. Generally, when US demand for Canadian oil rises, this increased demand can lead to higher oil prices, and a decline in the USDCAD exchange rate. when US demand for Canadian oil falls, this decline in demand can lead to lower oil prices, and the USDCAD exchange rate to rise.
USOIL ANALYSIS
1.30 rejectionThe loonie has rejected the major resistance of 1.30 and it looks ready for a bearish move.
On the weekly chart there's a shooting star candlestick with a rejection wick of approximately 170 pips. That is shown as a bearish engulfing on the daily timeframe.
I will personally look for a retest of 1.30 or a small retracement towards it before placing any sell position.
What's your opinion on the loonie?
USDCAD 30th MAY 2022USDCAD possibly will move in the falling wedge area. the price may be higher if it breakout of the resistance area.
GDP growth is noteworthy, analysts expect Canada's annualized GDP growth to fall from 6.7 to 5.4 If it actually occurs at 5.4 or lower, then USDCAD will be bullish.
Another data to note is the NFP which will be released this Friday.
By considering ISM Manufacturing and ADP data. We can predict NFP before NFP is released. From the two data can be considered using the formula:
(80% ISMM + 55% ADP) / 2 = Positive NFP Prediction
with ISMM & ADP input :
if data is positive = 100, if data is neutral = 50, if data is negative = 0
Here USDCAD Daily chart :
USDCAD: A Pullback Trading Setup-INTRODUCTION-
USDCAD is currently moving within a wide ascending channel. The price has recently reached a new high at the 1.3070 level. After reaching a new high, the price retraced, and now aims to retest the 1.2750 support level. This is a healthy pullback, as we can see from the past price action that after price has reached a new high, it tends to correct for a period of time but eventually will return to retest the recent high. Therefore, a deep pullback means a great risk to reward ratio trade can be entered to target the recent high.
-TRADING PLAN-
The price is currently approaching the 1.2750 support level. Our area of interest to enter buy positions is in between the 1.2650 ~ 1.2750 level. From this area, we expect the price to consolidate and form a kind of a pattern, and then rise to retest the previous high at the 1.3070 level. This could potentially be a good 300 ~ 400 pips swing buy trade.
We will update with a new post when a swing buy opportunity is created.
Check out our ongoing and previous pullback strategies below :)
Loonie Likely to Appreciate temporarily Vs The USDOn the 4H TF, the support & the trendline supporting the prices breached too. Now the price is likely headed to its next ideal support. The path to target seems to have no resistance present at the moment, so its likely that the price retraces slightly before heading south. Have a look at the main chart for complete information
USDCAD 16th MAY 2022Breakout and false breakout can happen due to fundamental factors that change every day, the main focus at this time for the USDCAD pair are the fed interest rate, oil prices, inflation , monetary and fiscal policies. Oil price rally makes correlation for Canadian Dollar.
This is USDCAD analysis on higher timeframe :
USDCAD D1 - 4th MAY 2022
USDCAD: Greenback Ready To Head Higher Towards 1.33500 USDCAD broke the major resistance on the weekly & monthly timeframe signaling that it is ready to head higher towards the next high present at 1.33500. With the DXY also likely to head higher, this particular pair has been quite resilient in heading higher due to the Lonnie being supported by higher OIL prices. However a slow move upwards is supported by the fundamental factors which are in the favor of the USD.
Therefore this pair might keep climbing steadily until it meets its next resistance at 1.33500.
This is just my opinion on this pair and its current outlook. the trade criteria are all met and shown on the main chart. Trade carefully using ideal risk to reward ratio. Anyways shall the price retrace to the desired support, i shall make a new post on the trade details. cheers
EURCAD Trade IdeaA 'sell' opportunity just presented itself on the euro-loonie trading chart following the bearish inverted pin bar at the end of the bullish run just below the 1.37664 daily horizontal resistance level.
If you enter this trade at 1.37482 and put your stop at 1.37787 (about 30.5 pips) and target at 1.35355 (about 212.7 pips), you could be looking at a reward-to-risk ratio of 6.97.
Please cross check with your setup before placing any trade.
Your FX Plug,
Charles
DXY/USDCAD/EURUSD - REVERSAL EXPECTED?DXY - Dollar Index has approached to its 5 year high of 103 - 104 with strong monthly candle.
USDCAD - is approaching to the 2021 resistance level which it breaks during Covid-19 period.
EURUSD - has been testing 2015/16 lows after breaking Covid-19 lows.
Both the pairs are heavily dependent Dollar Index which remains in limelight after FED Interest rates expectations.
What should we expect from here?
Since all three are at important levels which can be the reversal points or continuation of the main trend. We have been waiting for DXY to make a move first. If we have closing above resistance with FED rate hike in May'22 the trend will continue.
Let us know what do you think in comment sections.
DXY Still bullishDXY still bullish and expecting price to hit 103 in the coming weeks. So all bullish Dollar on Majors.
USDCAD 13th APRIL 2022Technically, we can see the ascending triangle pattern on USDCAD Daily. and a breakout occurred in the support area, there was also a retesting .
This will increase the possibility of USDCAD to be bearish in the future. a false retest can occur due to fundamental factors that change every day, the main focus of the USDCAD pair at the moment is oil prices, inflation, monetary and fiscal policy.
CADCHF Trade IdeaA long trade opportunity recently presented itself on the CADCHF trading chart. This is signalled by a bullish harami candlestick pattern just above the 0.73580 horizontal support level. Depending on when you enter this trade, you could expect a reward-to-risk ratio of 3.73 with SL at 0.73549 and TP at 0.74519
