Watch USDCAD!Everything is clear in the chart! just don't forget one thing! The MA200 might be a strong support level so handle your position in case of a short trade.
in case of Long trade, TP could be determined in HTF.
Loonie
USDCAD H1 Breakout PlayIn this update we review the recent price action in the USDCAD and identify the next high probability trading opportunity and price objectives ot target
NZDCAD Long Trade SetupA bullish opportunity recently presented itself on the kiwi-loonie trading chart. This follows from the bullish engulfing candlestick pattern which printed just above the 0.79100 psychological level. A stop loss below the 0.79000 psychological level and a profit target anywhere between your entry and the swing high of 0.82534 could give you a reward-to-risk ratio as high as 7 or even higher. Be sure to size your position based on your trading account balance and apply other risk management measures before placing trades.
FX:NZDCAD
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USD/CAD BREAKDOWNBased on price action (formation of double top) , market structure and fundamental analysis (The recent hike in Canadian Interest rates) the OANDA:USDCAD looks ready for a bearish dive. There are areas in the market that have clear imbalance which will act as targets for short positions. This levels are labeled and will act as our targets for long term short on this pair. Be advised to always use proper money management when trading. Best of luck as you look out for entry on this pair.
USDCAD looking for supply into 1.33 testin this update we review the recent price action in the USDCAD and identify the next high probability trading opportunity and price objectives to target
USDCAD short 1.297* retestTechnicals show on the 1HR/ 4HR/ daily TF that USDCAD is at a makeshift resistance.
Loonie needs to correct itself at 1.2975 levels if not an impulse dip to 1.292 to shake out retail buyers who were late to the party.
WTI oil has also seen a support at $87 and is now looking to test the $97 resistance sector. (currently $91)
DXY is in no-mans land with the FED + turmoil within the US economy. DXY is also looking for a mini rollover.
I am taking a 1:5 RISK:REWARD trade
Entry: 1.30267
SL: 1.30450
TP:1.29250
(we could stop at 1.297* very well)
Can Ninja Bulls Over Power The Loonie? (CAD/JPY)Ninja Bulls Are Fighting hard (CAD/JPY)
The Yen has been fighting against the Cad to push the price down, At this point, there are multiple confluences that are in line with shorts. Price, 1stly, has rejected a higher time frame resistance, it then goes ahead and breaks out of a wedge and now comes back to retest the level at 105.00. We see that on the retracement, the price pushes in a three-wave move to the upside before rejecting which creates a trendline for price to follow, The first sign that the bears will take over again is the break of the trend-line. The second sign is the Break back below 104.200 which gives us two shorting confluences.
Once this happens I will look to take my position down to around 101.500. If the price breaks 101.500 then we are in a fully-fledged bear market, I will have to wait for price to provide a solid sell setup so it will depend on the strategy you use to enter trades. On the flip side, remember that price is still very bullish on the higher time frame and it could easily continue to break the resistance and push higher. With that being said it is extremely imperative that we wait for the price to break below 104.200 before we consider selling.
Have a fantastic day Traders.
Renaldo Philander.
USDCAD Intraweek Technical AnalysisDollar gave a bullish closing against the loonie because of the surprising non farm payrolls. My idea for next week is that the USDCAD will test the support of 1.285 and 1.278. My idea is to go long from intraweek support levels. My target for coming week is 1.29 and 1.3 in coming week.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics
USDCAD analysis: Will bears step up?USD/CAD fundamental analysis
A tight labour market with unemployment at historic lows that continues to boost consumption, support from interest rates (with a very hawkish Bank of Canada), and, finally, the persistently high energy prices of oil and gas, which act as a tailwind for the Canadian economy, all contribute to the Canadian dollar’s solid fundamentals.
The Bank of Canada surprised markets by raising its benchmark rate by a full percentage point in July ( CAINTR ), signaling further tightening to control inflation. As a result, the Fed-BoC monetary policy divergences have narrowed significantly, as evidenced by the short-term (2-year) rate differential between US and Canadian Treasuries, which is now very close to parity (only 9 basis points). A more hawkish Fed is clearly a risk factor, but the Canadian dollar appears to be better protected now thanks to an equally hawkish BoC.
Annual inflation in Canada ( CAIRYY ) reached a new 39-year high in June (8.1 percent year on year), but fell short of market expectations (8.4 percent), while producer inflation ( CAPPIYY ) fell for the third month in a row.
In contrast to the United States, which unexpectedly entered a technical recession in the second quarter of the year, the Canadian economy grew by 1.1% in Q2, according to preliminary estimates, with broad-based expansion in 14 of 20 economic sectors.
Regarding the growth outlook, the global and US economic slowdown is starting to weigh on the Canadian economy. In July, the S&P Global Canada Manufacturing PMI fell to 52.5 from 54.6, marking the sector’s slowest growth since June 2020.
The Canadian dollar has historically weakened in times of global economic slowdown, but this time appears to be holding up well also thanks to the support of WTI ( OIL_CRUDE )and natural gas sticky-high prices.
OPEC+ has announced one of the smallest production increases (100,000 b/d since September) in its history, which is equal to 1/1000 of the world’s demand. This means that the crude oil market will continue to be very tight in the coming months and that oil price will remain well sustained, despite the demand of large oil consumers is expected to slowdown. This may continue to represent a tailwind for the Loonie's strength.
USD/CAD technical analysis
Technically, USD/CAD ) has been trading in a tight, choppy range between 1.278 and 1.294 for the past three weeks.
Despite the fact that the USD/CAD ascending channel has been in place for more than a year now, indicating that the major trend still remains bullish, the short-term momentum is gradually shifting in favour of the Canadian dollar.
The RSI has been below 50 since July 18, while the MACD fell below the zero line.
In the short term, the 1.278 support level (61.8 percent Fibonacci retracement of the USD/CAD rally in June/July) represents an important test. If USD/CAD breaks down here and then at the 200-day moving average at 1,273, it could fall to 1.266 (78.6 percent Fibonacci retracement).
Alternately, 1.295 (50 percent Fibonacci retracement) could act as a potential resistance test. A breakout to the upside would pave the way for a spike to 1.305 (23.6% Fibonacci retracement) and then 1.322 yearly highs. However, in order to regain 1.32 levels, a combination of Fed hawkish and BoC dovish shifts as well as indications of a significant slowdown in oil demand will be required.
Analysis written by Piero Cingari, forex and commodity analyst at Capital.com
USDCAD 2nd AUGUST 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.
There are still several important US economic data releases and events that will stoke volatility in USD-pairs.
August 2, the June US JOLTs report is due at 14 GMT , at which time Chicago Fed President Evans will give remarks.
August 3, weekly US mortgage application figures will be published at 11 GMT . The July US ISM non-manufacturing (services) PMI will come out at 14 GMT, as will June US factory orders. Weekly US energy inventories data will be released at 14:30 GMT.
August 4, weekly US jobless claims are due at 12:30 GMT . Cleveland Fed President Mester will give a speech at 16 GMT.
August 5, the July US nonfarm payrolls report and unemployment rate will be published at 12:30 GMT . The June US consumer credit report will be published at 19 GMT.
USDCAD Long Trade IdeaThere's been a long trade opportunity on the dollar-loonie trading chart, following the fake breakout of the price below the 1.28194 horizontal support level.
This signals a buy because of the bullish harami candlestick pattern; with the bullish candle closing above the same support level.
You can enter the trade around the 1.28294 price level and set your stop below the fakeout candles. Your profit target can be anywhere between your entry price and the 1.32000 psychological level.
Have fun trading!
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.
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
Risk Disclaimer
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.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
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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.
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