USDCAD Potential UpsidesHey Traders, in today's trading session we are monitoring USDCAD for a buying opportunity around 1.35800 zone, USDCAD is trading in an uptrend and currently seems to be in a correction phase in which it is approaching the major trend at 1.35800 support and resistance zone.
Trade safe, Joe.
Usd-cad
USDCAD Potential UpsidesHey Traders, in today's trading session we are monitoring USDCAD for a buying opportunity around 1.35500 zone, USDCAD was trading in a downtrend and successfully managed to break it out, currently USDCAD is in a correction phase in which it is approaching the retrace area at 1.35500 support and resistance zone.
Trade safe, Joe.
USDCAD Breakout and potential retraceHey Traders, in today's trading session we are monitoring USDCAD for a buying opportunity around 1.35600 zone, USDCAD was trading in a downtrend and successfully managed to break it out after a bunch of positive USD data. currently we are waiting for a correction to see a potential retrace of the trend towards more upsides.
Trade safe, Joe.
USDCAD: Buy opportunity inside a Triangle.USDCAD is stuck in between the 1D MA200 and 1D MA50, inside a Triangle pattern. The 1D timeframe is naturally neutral technically (RSI = 51.593, MACD = -0.003, ADX = 11.724) since the price is in the middle of the pattern and that recent rebound on the bottom of the Triangle is the last buy opportunity before it hits the top (LH trendline) again. We are long again, TP = 1.37545.
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USD CAD - FUNDAMENTAL ANALYSISCommodity Currencies Still Vulnerable
Danske expects that both the Bank of Canada and Federal Reserve will hold rates steady over the second half of 2023.
It does, however, consider that market pricing is more out of line for the Federal Reserve than the Bank of Canada which will lead to a weaker bias for the Canadian currency against the US unit.
Nevertheless, it considers that the Canadian dollar is in a relatively strong position relative to other commodity currencies which will limit selling pressure.
USDCAD Buy Forecast | 16th May 2023Fundamental Backdrop
The Trimmed CPI y/y dropped from 4.4% to 4.2%, which shows that inflation is dropping.
This could lead the central bank to lower interest rates
Technical Confluences
Resistance at 1.35200
Support at 1.34100
Idea
With the CAD expecting to weaken, I'm looking for price to possibly head back up to retest the resistance at 1.35200
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VIDEO ✨ NEW: USDCAD ✨ PRE CAD NEWS ✨-SL @ 1.36681 🚫
SLO2 @ 1.3620 ⏳
SLO1 @ 1.3525 ⏳ (half position)
TP1 @ 1.3350
TP2 @ 1.3215
TP3 @ 1.2980
TP4 @ 1.2833
BLO @ 1.2795 ⏳
-SL @ 1.27278 🚫
00:00 PRE CAD NEWS
00:58 Boost, Follow, Comment, Join
01:40 Technical Analysis
02:54 Fundamental Analysis
05:42 Curve Analysis
07:42 News Anticipatory Trend
08:08 Risk-to-Reward
09:44 LIVE STREAM @ 05:15 PT / 08:15 ET 🔥
✨ NEW: USDCAD ✨ PRE CAD News ✨-SL @ 1.36681
SLO2 @ 1.3620 (conservative)
SLO1 @ 1.3525 (aggressive)
TP1 @ 1.3350
TP2 @ 1.3215
TP3 @ 1.2980
TP4 @ 1.2833
BLO @ 1.2795
-SL @ 1.27278
TECHNICAL ANALYSIS:
Although, the pair is currently trading above the 200-day moving average, which is a bullish signal, Price Action for USDCAD is sideways. This range is a strong indication that it is consolidating before moving in a new direction — a downtrend. Traders should be aware of both the bullish and bearish signals before making any trading decisions.
FUNDAMENTAL ANALYSIS:
At this time, it's not clear what the future holds for USDCAD. The US dollar will do well if the economy is strong and interest rates go up. The Canadian dollar is being helped by a strong home market and rising oil prices. This is why the price action of USDCAD has been consolidating.
Factors affecting the USDCAD exchange rate are as follows:
(1) U.S. Interest Rates:
How interest rates are right now in the U.S. because of what the Federal Reserve does, interest rates are expected to keep going up in 2023. Buyers will want more USD, which will push the USDCAD exchange rate down.
(2) Canadian Interest Rates:
The Bank of Canada is also likely to raise rates in 2023. But the rate of growth is likely to be slower than in the United States. This could help the Canadian dollar get stronger and stop the USDCAD exchange rate from going down even more.
(3) Oil Costs:
The price of oil has never been this high. This is good news for Canada's economy and may help the value of the loonie stay the same. But if oil prices went down, the USDCAD exchange rate could be hurt.
(4) Canada's Housing Sector:
The home market in Canada is doing well right now. This is good news for Canada's economy and may help the value of the loonie stay the same. But the USDCAD could be hurt if the home market starts to slow down.
USDCAD Potential UpsidesHey Traders, in today's trading session we are monitoring USDCAD for a buying opportunity around 1.34900 zone, USDCAD is trading in an uptrend and currently seems to be in a correction phase in which it is approaching the major trend at 1.34900 support and resistance zone.
Trade safe, Joe.
USDCAD Possible Price Action(5/15/2023)Hello Traders
After a 5-wave bearish impulse, It is possible that USD/CAD is forming the correction wave C.
But if the price breaks below the redline our view will be invalidated.
Our technical view has been shown in the chart.
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Team Fortuna
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(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
USDCAD Starting the new Bullish WaveUSDCAD is inside a Triangle pattern that started forming since the October 13th 2022 High.
The latest hit on its bottom (leg 4) is what is pushing the price upwards today so aggressively.
So far all legs have been symmetric with the 1st phase (1 through 4) inside the Triangle and leg 4 targeted previously the 0.786 Fibonacci.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 1.37400 (the 0.786 Fibonacci).
Tips:
1. RSI (1d) is under its MA line. A break over it, confirms the bullish sentiment.
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USDCAD - Bears Took Over, Now Wait For Bulls!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
As per my last analysis (attached on the chart) USDCAD rejected our upper red trendline and supply, and traded lower.
Now USDCAD is approaching the lower bound of the symmetrical triangle again so we will be looking for buy setups on lower timeframes.
Moreover, the green zone is a strong support.
🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support and lower red trendline. (acting as non-horizontal support)
As per my trading style:
As USDCAD is sitting around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom 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
USDCAD!!! -- 2 BIRDS W/ONE STONE 🐦🐦USDCAD sell trade is to fill the wick of yesterday's daily candle, which closed bearish. Also noted was a false break below 1.36112, which is where our 2nd trade (add-on) would be initiated. With a 1.3545 target, that would bring our total trade to +5.5%. Good luck!
~ Happy Trading, Cheers! 💰
USDCAD to find buyers at market?USDCAD - 24h expiry
Previous support located at 1.3570.
Previous resistance located at 1.3600.
Indecisive price action has resulted in sideways congestion on the intraday chart.
Momentum is flat, highlighting the lack of clear direction.
We have a 61.8% Fibonacci pullback level of 1.3525 from 1.3640 to 1.3570.
Risk/Reward would be poor to call a buy from current levels.
We look to Buy at 1.3555 (stop at 1.3520)
Our profit targets will be 1.3645 and 1.3665
Resistance: 1.3600 / 1.3650 / 1.3675
Support: 1.3570 / 1.3550 / 1.3525
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USDCAD Sell this Fibonacci testUSDCAD is trading inside a Triangle with the price rising after it last hit the pattern's bottom (Rising Support).
It has failed to close over Fibonacci 0.618 on six straight days.
This failure is a technical sign of trend weakness, very much alike the struggle on Fibonacci 0.618 last December.
Sell and target the Rising Support again at 1.33550.
Previous chart:
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