USDCAD Chart Analysis for 1-5 May 23USDCAD upcoming week Technical Forecast as FOMC on the way to hit market, so follow money management properly
GOOD LUCK !
Usd-cad
USDCAD Potential UpsidesHey Traders, in the coming week we are monitoring USDCAD for a buying opportunity around 1.346 zone, USDCAD was trading in a downtrend and successfully managed to break it out and now seems to be in a correction phase in which it is approaching the retrace area at 1.346 support and resistance zone.
trade safe, Joe.
USDCAD can make a new high 🦐USDCAD after the recent low started a bullish impulse to the 4h resistance.
The price on the daily and weekly chart show an increasing bullish pressure and the main treend remains long.
According to the Plancton's strategy IF the market will break above we can set a nice long order.
USDCAD: Time to Go Lower 🇺🇸🇨🇦
As I predicted, USDCAD dropped yesterday.
It turned out that the price managed to form a bearish engulfing candle on a daily time frame,
a support line of a rising parallel channel was broken on a 4h time frame then.
I believe that the pair may go lower.
Goals: 1.357 / 1.3533
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USDCAD - Bulls Took Over, Now Wait For Bears!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
As per my last analysis (attached on the chart) USDCAD rejected our lower red trendline and green support, and traded higher.
Now USDCAD is approaching the upper red trendline so we will be looking for sell setups on lower timeframes.
Moreover, the red zone is a strong supply.
🏹 So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the red supply and upper red trendline. (acting as non-horizontal resistance)
As per my trading style:
As USDCAD approaches the upper red trendline and 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
USD/CAD bulls eye 1.3700A strong bullish trend has developed on the 1-hour chart of USD/CAD, which is underscored by its timely yet shallow retracements. It's found support along the 10-bar EMA to show bullish momentum is increasing and the OBV (on balance volume) is trending higher with prices.
A retracement has also found support around the weekly R1 pivot and the high of a prior bullish engulfing candle, whilst holding above the daily pivot point.
The bias is bullish above the daily pivot and for a rally towards 1.3700, with the daily R1` and weekly R2 pivot providing potential targets for bulls just below 1.3700.
USDCADUSDCAD in trendline and tested upper band of trend line and will drop to lower line of trendline and get to testing resistance at 1.36789-1.36972 and 80% can't break the resistance and droped to support at 1.35362-1.25229
USDCAD Potential UpsidesHey Traders, in tomorrow's trading session we are monitoring USDCAD for a buying opportunity around 1.347 zone, USDCAD was trading in a down trend and successfully managed to break it out after the market have priced another rate hike due to recent fed speech, so technically we will be watching a potential retrace of the trend from 1.347 support and resistance zone.
Trade safe, Joe.
USD/CAD it's simple really Deviation here, cad is clown currency USD is king. Taking profit before 39 but it's going above 1.40
USDCAD Potential UpsidesHey Traders, USDCAD was trading in a downtrend and successfully managed to break it out after a bunch of fed hawkish comments about the monetary policy, Fed Waller the last week mentioned that inflation is still a concern and fed still has to act, and this week we had another intervention from fed Williams confirming and pointing on the same thing mentioning inflation is still way too high so that make us expect another rate hike on early May that should trigger USD strength in the medium term. Technically we will be watching a potential retrace of the trend from 1.33 area.
Trade safe, Joe.
USDCAD BullishThe USDCAD ended its downtrend by breaking the downward trend line since March and the resistance level around 1.342, as well as the 100 and 200 moving averages on the hourly timeframe. Since this pair tends to move within price channels, it can be said that the price is now heading towards a third peak in the local upward price channel at the level of 1.347/49. After that, it may bounce back to create a new base at 1.342, where it will also test the support level and Fibonacci 23.6%.
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USDCAD...UPTREND (3D/3H) ✨ PART II00:00 Annoyed That I Took Profit
01:10 My Sell Positions
01:35 Demand Zones and Immediate Retest
01:58 Shaving and Taking Profit
02:33 Follow, Join, Boost, and Comment
As anticipated, Price Action for our Buy Position has reached Supply and now we're ready to short this thang again.
(2) SLO2 @ 1.3440
(1) SLO1 @ 1.3425
(3) TP1 @ 1.3395 (shave 25%)
(4) TP2 @ 1.3360 (shave 25%)
(5) TP3 @ 1.3305 (close all sell positions)
1 This video is reflective of the uptrend counter-trend trade that I took to go long towards this area of Supply
2 If PA (price action) pushes higher, then I have this second Sell Order pending
3 This Take Profit is giving me Intraday Trading vibes. This TP is just above a Demand Zone (90m)
4 3 This Take Profit is giving me Day Trading vibes. This TP is just above a Demand Zone (90m)
4 3 This Take Profit is giving me Swing Trading vibes. This TP is just above the distal wick of this Immediate Retest (90m)
USDCAD moving lower? 🦐USDCAD on the 4h chart after the expected bearish impulse retraced exactly at the 0.381 Fibonacci level.
The price is moving in an ascending channel that can also be seen as a bear flag.
How can i approach this scenario?
If the price will break below the lower trendline and the support we can set a nice short order according to Plancton's strategy
Or else we can see a possible scenario where the market retest the previous support now turned resistance at the 50% retracement and fro there we will look for an inversion.
USDCAD: Strong buy opportunity near the SupportThe USDCAD pair crossed under the 1D MA200 last week and is approaching S1 on a very bearish 1D technical outlook (RSI = 38.120, MACD = -0.005, ADX = 45.239). The two day bounce on the HL trendline and the fact that the 1D RSI hit the bottom of its Channel, constitute a short term buy opportunity targeting the 1D MA50 (TP = 1.35450). If a candle closes above the 1D MA50, we will buy again the breakout and target the LH trendline (TP = 1.37545).
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Bearish setup on USDCADHi Traders,
Check this out - USDCAD could start a fresh bearish momentum, after breaking of the bullish trend.
However, with the uncertainty on how heavy FED could bump dollar this is better wait on for a break below the Triangle pattern before looking for a better short trade entry.
That is what i will do, provided that we get a solid breakdown and retest of the "Pennant like descending Triangle".
Watchout
USDCAD Breakout and Potential RetraceHey Traders, USDCAD was trading in a downtrend and successfully managed to break it out after some hawkish comments about the monetary policy that have triggered USD strength. in today's trading session we are going to be watching a potential retrace of the trend from 1.335 support and resistance zone towards previous highs.
Trade safe, Joe.
USDCAD possible change in trendUSDCAD
Over the past month, the USDCAD has been in a steady downtrend. On Friday, we observed the swing moves and identified an internal high that could be used as a selling opportunity to continue the downward trend. However, due to recent market changes, we are now considering a potential shift in momentum towards an upward trend. This is because the market has shown a clear sweep of the low and a strong impulse to the upside, surpassing the nearest swing high moves. This suggests the possibility of a trend reversal. Therefore, we plan to sell into our extreme demand area and wait for a confirmation entry to further validate our assumption of a bullish shift in price.
We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
USDCAD Breakout and Potential RetraceHey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around 1.34 zone, USDCAD was trading in an uptrend and successfully managed to break it out after a bunch of soft USD data including NFP, CPI and PPI which signal a pause of rate hikes from the federal reserve. A dovish fomc should be bearish on Dollar and bullish for stocks and cryptos.
Trade safe, Joe.
USDCAD moving to a lower low 🦐USDCAD has been exhibiting a bearish trend, with a recent downward price movement that tested the key resistance level of 1.34000.
However, the price retraced to the 50% Fibonacci retracement level of the previous impulse, which could potentially act as a barrier to further upward movement. This retracement also coincides with the price moving back over a daily support level, suggesting a potential lower low move.
As a trader with a short outlook, you may be anticipating a lower low, indicating further bearish momentum. If the price breaks below the daily support level, it could confirm the bearish bias and provide an opportunity for a short order entry according to the Plancton's strategy. This could be supported by the previous resistance level of 1.34 acting as a barrier, and the 50% Fibonacci retracement level acting as a potential resistance.
USDCAD Pre-Overnight Rate Forecast | 12th April 2023Fundamental Backdrop
1. Tonight's Overnight Rate is expected to maintain at 4.5%. Based on previous March 8th's data, we saw a drop of nearly 200 pips towards the end of the week.
2. Expect significant volatility due to added on upcoming news events later such as the BOC Rate Statement, BOC Monetary Policy Report, BOE Gov Bailey Speaks and the BOC Press Conference.
Technical Confluences
1. Near-term resistance at 1.35200
2. Support at 1.33600
Idea
Price has already reflected off the near-term resistance at 1.35200. Expecting price to continue heading towards the support at 1.33600
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USDCAD Turning into a buy.The USDCAD pair hit last week the Higher Lows trend-line from the June 08 2022 Low and rebounded but yesterday the mini rise stopped on the 1D MA50 (blue trend-line). A 1D candle closing above the 1D MA50 will be a buy signal, targeting 1.38500 (below Resistance 1). If instead it closes below the 1D MA200 (orange trend-line) and naturally the June 2022 trend-line, wait for a lower price to buy, closer to Support 1.
The strongest buy signal would be a 1D MACD Bullish Cross. In more than a year, it hasn't failed to deliver a Higher High.
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USDCAD for a possible bouncePrice first gave a retest on the previously established supply zone, forming liquidity at the same time. It then preceded to break this supply with momentum and the retraced back above a POI that it left behind with a huge imbalance. Since our supply zone was invalidated, this signaled a switch from bearish to bullish pressure and this has provided us with an opportunity to capitalize on this flip entry.
