POSSIBLE PLAYOUT ON USDCAD We'll be keeping an eye on the USDCAD between 1.3700 and 1.3650 to see if there's any potential bearish momentum to trade short.1.3600 zone for the first take profit and 1.3500 zone for the second take profit. NOTE: USE ADEQUATE RISK MANAGEMENT.
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Usd-cad
USDCAD: CURVE ANALYSIS (2D)SLO2 @ 1.3805 ⏳
SLO1 @ 1.3695 ⏳
SSO @ 1.3625 ⏳
TP1 @ 1.3485
TP2 @ 1.3305
TP3 @ 1.3175
TP4 @ 1.2975
BLO @ 1.2810 ⏳
— PA on this pair has been insane
— ALL three of our TPs were triggered, but ironically it retraced so hard that it returned back to the Supply Zone.
— Well, it's time to get paid for the second time.
— Here's a new setup
USD/CAD Upward journey is done? or not?Hello Traders
Our technical view has been shown in the chart.
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USDCAD — pullback idea.Now the price looks to be in a pullback phase because it is showing momentum down in this major uptrend. Price might be attracted to support level, and it will have a good chance of continuing up in that zone. That's what the rules of trading are anyway — trade with the trend. If price goes past support level, it then becomes resistance and will have a higher chance of continuing down.
USD/CAD Slips as Canadian Labor Market Surges: Impact on Forex..USD/CAD Slips as Canadian Labor Market Surges: Impact on Forex and Global Markets
Introduction
The USD/CAD currency pair experienced a significant decline, nearing the 1.3600 mark, following the release of robust labor market data by Statistics Canada. This unexpected surge in Canadian employment figures has sent shockwaves through the forex market and has implications for global investors. In this article, we will delve into the details of this development and explore the broader economic landscape that surrounds it.
Canadian Labor Market Surprises
Statistics Canada's latest report revealed that the Canadian labor market witnessed an impressive increase of 39.9K payrolls in August, surpassing expectations, which were set at a more modest 15K. This remarkable uptick follows a retrenchment of 6.4K in July, showcasing the resilience of the Canadian economy. Moreover, the unemployment rate held steady at 5.5%, defying forecasts that anticipated a slightly higher jobless rate of 5.6%.
One noteworthy aspect of this report is the increase in the Annual Average Hourly Wages, which rose to 5.2%, exceeding the previous release of 5.0%. Such robust wage growth has the potential to boost consumer spending and maintain inflationary pressures, potentially prompting the Bank of Canada (BoC) to consider raising interest rates. This move would come after a pause in rate hikes during the past two policy meetings, signaling a potential shift in monetary policy.
Global Market Impact
As the USD/CAD pair faced intense selling pressure due to the strong Canadian labor market data, other global markets exhibited mixed sentiments. The S&P500 was expected to open with a relatively flat performance, reflecting mixed cues from overnight futures. This indecisiveness is mirrored in the strength of the US Dollar Index (DXY), which remains well-supported near the 105.00 resistance level. Investors find themselves caught between global uncertainty and the possibility of a Federal Reserve (Fed) policy adjustment during the September meeting.
The Strength of the US Dollar
The strength of the US Dollar is a critical factor in the ongoing forex dynamics. The United States' economy continues to demonstrate resilience, primarily attributed to cooling inflation and stable labor growth. Chicago Fed Bank President Austan Goolsbee articulated the central bank's goal of achieving a "golden path," characterized by a reduction in inflation without triggering a recession. This stance contributes to the US Dollar's firm footing in the global currency market.
Furthermore, the US job market is displaying signs of strength, with jobless claims consistently falling below expectations for the third consecutive week. The latest report from the US Department of Labor indicated that first-time jobless benefit claims dropped to 216K for the week ending September 1, surpassing expectations, which were set at 234K and below the previous figure of 229K.
Conclusion
The unexpected surge in Canadian labor market data has sent ripples across the forex market and impacted global investor sentiment. As the USD/CAD pair faces downward pressure, other markets remain cautiously optimistic, reflecting the ongoing uncertainty in the global economic landscape. The strength of the US Dollar, supported by resilient economic indicators, continues to play a pivotal role in shaping forex dynamics. Additionally, the US job market's consistent improvement contributes to the overall stability of the United States' economy. As investors navigate this complex terrain, they must remain vigilant and adaptable in response to evolving economic developments.
USDCAD Beautiful long-term pattern tells you what to do next.The USDCAD pair has been on a relentless bullish run since the week of July 10 after almost touching the 1W MA200 (orange trend-line) and making a bottom on the +2 year Higher Lows trend-line. This rise will now face the first selling pressure point, the Lower Highs trend-line of the October 10 2022 High.
Following a 1W MACD Bullish Cross, if a 1W candle closes above this Lower Highs trend-line, we can see a hyper-aggressive rally towards the 1.46900 Resistance. In that case, we will buy the closing and target 146500.
If however the candle gets rejected and closes instead below the Lower Highs trend-line, we will sell towards the Higher Lows trend-line again and target 1.32550.
The pattern technically resembles the December 2018 - February 2020 sequence, which was also rising on Higher Lows, had a correction under Lower Highs and after hitting the 1W MA200 and breaking below the Higher Lows, it shot upwards to the 1.46900 Resistance.
Basically the wider outlook (big picture) of USDCAD is very informative for long-term trend projections as it is quite symmetric, trading within a 1.46900 Resistance and 1.20180 Support since January 2016.
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USDCAD: Best sell signal since March.USDCAD is trading inside a Channel Down pattern that has almost completed 11 months of trend. The technicals on the 1D time-frame are overbought (RSI = 70.266, MACD = 0.007, ADX = 57.395) and that enhances the sell sentiment as the price approaches the top of the Channel Down.
The previous LH was priced a little over the 0.786 Fibonacci level. The formation of a Bearish MA50/100 Cross was after the top was in and technically we are only a week away from the new formation.
Consequently, we treat this as a sell opportunity, waiting to sell on the 0.786 Fibonacci, targeting the 0.118 (TP = 1.32000) as the April 14th low.
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USD/CAD: Double top beneath key swing highsUSD/CAD has risen just over 4% since its YTD low set in July. And it did so in a relatively straight line. Yet a double top has now formed on the daily chart beneath the April and May highs, with the second ‘top’ coming in the form of a bearish engulfing / outside day. This likely points to at least a minor top over the near-term. Any low-volatility moves towards 1.3600 could provide bears an improved reward to risk ratio, with 1.3500 making a viable initial target. Should US data such as GDP, ADP employment and Nonfarm payroll disappoint, we could be looking at much lower.
USDCAD Potential UpsidesHey Traders, in today’s trading session we are monitoring USDCAD for a buying opportunity around 1.35200 zone, USDCAD was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 1.35200 support and resistance area.
Trade safe, Joe.
USDCAD Potential DownsidesHey Traders, in today’s trading session we are monitoring USDCAD for a selling opportunity around 1.36000 zone, USDCAD was trading in an uptrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 1.36000 support and resistance area.
Trade safe, Joe.
USDCAD - Trend-Following Setup ↘️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
USDCAD has been overall bearish trading inside the falling channel in red, however it is currently approaching around the upper trendline.
Moreover, the zone 1.365 is a strong resistance.
🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue resistance and upper red trendline.
As per my trading style:
As USDCAD approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
🔥 NEW: USDCAD 🔥 SHORT 🔥RESISTANCE @ 1.3573
SLO @ 1.3570 ⏳
TP1 @ 1.3485
TP2 @ 1.3305
TP3 @ 1.3175
TP4 @ 1.2975
SUPPORT @ 1.2925
BLO @ 1.2810 ⏳
— PA on this pair has been insane
— ALL three of our TPs were triggered, but ironically it retraced so hard that it returned higher than TP1
— Well, it's time to get paid for the second time.
— Here's a new SLO
USDCAD Potential DownsidesHey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around 1.36000 zone, USDCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.36000 support and resistance zone.
Trade safe, Joe.
USDCAD Potential DownsidesHey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around 1.34800 zone, USDCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.34800 support and resistance zone.
Trade safe, Joe.
USDCAD sell opportunity Hey Traders
We have a trading opportunity here, Let's see those reasons,,,,
Daily chart
Daily candle did not close above the resistance area and forming a nice rejection
Hourly chart
Market formed a Double Top pattern and retesting resistance area
We have multiple targets
Trade safely with money management
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