Usd-cad
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
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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.
USDCAD: bearish flag is almost completeThe bearish flag pattern is a common technical analysis pattern that is used by traders to identify potential trend reversals or continuation. This pattern forms when there is a sharp downward move (the flagpole), followed by a brief period of consolidation (the flag), before another downward move.
In the case of the USDCAD pair, we can see that the pair has been on a downtrend for some time and has recently experienced a sharp downward move. The flagpole is formed by the length of the sharp downward move, which is usually quite significant.
After the sharp downward move, the price of USDCAD started consolidating, forming a rectangle or parallel channel, which is known as the flag. This consolidation period is usually characterized by decreasing trading volume and volatility.
Once the price breaks below the lower trendline of the flag, it signals a continuation of the previous downward trend. Traders may use this as an opportunity to enter short positions in anticipation of further downside momentum, which is exactly what we're planning to do here.
The short target is not fully determined yet, but aiming for the closest major support zone is always a safe bet. Hope this was educational and useful at the same time! Feel free to ask more questions :)
USDCAD Weekly Forecast | 10th April 2023Fundamental Backdrop
1. The Employment Change which is a leading indicator of consumer spending, increased from 21.8k to 34.7k
2. Unemployment Rate maintained at 5.0% instead of increasing to the forecasted of 5.1%
3. This week'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.
Technical Confluences
1. Near-term resistance at 1.35200
2. Support at 1.33600
Idea
We are looking for price to reflect off the near-term resistance at 1.35200, before heading towards the support at 1.33600
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
USDCAD Forming a Bear FlagHey Traders, USDCAD is trading in a downtrend, and now seems to be in a correction phase in which it is forming a bear flag and approaching the weekly 1.353 zone, if we get a decent retrace i would consider downsides toward more lows. fundamentally CAD data this period were positive and USD environment signals a less restrictive monetary policy from the fed as US data continue to print soft.
Trade safe, Joe.
USD CAD - FUNDAMENTAL DRIVERSThe Canadian dollar remains relatively weak against the greenback, as it continues to hover near its cyclical high. While many investors fear a tightening of global credit conditions, some believe that Canadian bank could face a very difficult environment due to their exposure to residential real estate in a much higher interest rate environment. Combined with weakening commodity prices, the short-term outlook does not support a stronger loonie. Yet Canadian banks continue to outperform their global counterparts due to a more rigid regulatory environment and strong population growth, both of which argue against a dramatic erosion of their deposit base. USD/CAD should remain in the 1.36/1.39 range in the first half of 2023, before making a comeback in the second half of the year when more central banks finally end their tightening cycle.
USD CAD - FUNDAMENTAL DRIVERSThe Canadian dollar remains relatively weak against the greenback, as it continues to hover near its cyclical high. While many investors fear a tightening of global credit conditions, some believe that Canadian bank could face a very difficult environment due to their exposure to residential real estate in a much higher interest rate environment. Combined with weakening commodity prices, the short-term outlook does not support a stronger loonie. Yet Canadian banks continue to outperform their global counterparts due to a more rigid regulatory environment and strong population growth, both of which argue against a dramatic erosion of their deposit base. USD/CAD should remain in the 1.36/1.39 range in the first half of 2023, before making a comeback in the second half of the year when more central banks finally end their tightening cycle.
USDCAD Potential BreakoutHey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around 1.34300 zone, USDCAD is trading in an uptrend and now seems to be attempting to break it out with current USD weak environment, if we get a decent breakout below 1.343 we will monitor a potential retrace of the trend.
Trade safe, Joe.
USDCAD, Can the bulls take it from hereUSDCAD / 1D
Hello traders, welcome back to another market breakdown.
USDCAD is trading in a bullish trend. The price now is having a deep-pull-back which I think is a good opportinity to long for a swing trade.
The price is around the breakout point which very often acts as support. I'll be looking for a reaction from this level.
Tarde safely,
Trader Leo
USDCAD - Rising Range 📦Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
USDCAD is has been overall bullish trading inside the fat rising red wedgel, and it is currently sitting around the lower red trendline. 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 Outlook 28 March 2023The USDCAD traded strongly to the downside as the price failed to break beyond 1.3745 and fell beyond the support level of 1.3650.
This move lower was due to a combination of the renewed weakness of the DXY but more because of the surge in oil prices.
WTI traded up from the 69 price level, breaking beyond the near term high of 71.40 to reach the round number level of 73. This move is due to increasing supply concerns as Russia's sea-borne crude-oil flows have fallen to 3 million barrels a day and as European natural gas prices are higher due to strikes in France.
As WTI consolidates just below 73, if the upward move continues toward the next resistance are of 75, further downside could be anticipated for the USDCAD, with the next key support level at 1.3560.
However, watch out for a potential hesitation of the downside at the 1.36 price level.
USDCAD on its Rising Support. Trade around it.The USDCAD pair is on the Rising Support that is holding for more than a month.
There is also the Support Zone (1.36280 - 1.36480) that is holding for 2 weeks.
Trading Plan:
1. Buy as long as the Rising Support holds.
2. Sell if the Support Zone breaks (i.e. closes a candle under it).
Targets:
1. 1.3800 (Resistance (1)).
2. 1.3555 (Support (1) and Fibonacci 0.5).
Tips:
1. The RSI (4h) is also on a 2 week Support. This is technically a short-term bullish sign.
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USDCAD: Strong Buying ZoneThe USDCAD has successfully broken out of a triangle pattern and also breached a local resistance line at 1.375, but it faced strong rejection after the break. It seems that the price will undergo a correction towards the last support level at 1.375 or even down to 1.370, which I consider a strong and ideal buying zone for the price to continue its upward move towards 1.385.
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USDCAD Potential downsidesHey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around 1.385 zone. USDCAD is approaching the daily supply zone of the trend, if the rejection is confirmed i would set 1.34 as a target as it's considered the next major support USDCAD will be facing. Fundamentally the last FOMC shows dovish sentiments of fed which is bearish dollar so fed pivots sounds officially started.
Trade safe, Joe.
USD/CAD Remains Steady Amid Mixed Fundamental BackdropThe USD/CAD currency pair is currently trading in a tight range, as it is influenced by a combination of factors. The Loonie, as it is also known, is being supported by a recent uptick in oil prices, which has increased due to fears of potential supply disruptions in the Middle East. This has acted as a headwind for the USD/CAD pair, which is also being weighed down by subdued US dollar demand.
Additionally, traders are eagerly awaiting important macroeconomic data from both the US and Canada, which could provide a fresh impetus for the pair. Despite a goodish rebound from the 1.3630 area, or over a two-week low, the USD/CAD pair remains below the 1.3700 mark due to a combination of factors that are keeping any meaningful upside in check.
It is important to note that the recent collapse of two mid-size US banks, Silicon Valley Bank and Signature Bank, has contributed to the Federal Reserve's cautious outlook on the economy. This has resulted in the Fed lowering its median forecast for real GDP growth projections for 2023 and 2024, which is keeping the US Treasury bond yields and the USD subdued.
While there is generally a positive tone around the equity markets, growing concerns about slowing economic growth denting fuel demand are capping the upside for oil prices. This, combined with expectations that the Bank of Canada (BoC) will refrain from raising interest rates any further, is providing some support to the USD/CAD pair.
From a technical perspective, the lack of a clear near-term trajectory is reflected in the two-way price movements that have been witnessed since the beginning of the week. Given the mixed fundamental backdrop, traders are advised to exercise caution before placing aggressive directional bets around the USD/CAD pair.
Investors are also showing some reluctance ahead of important macro data releases from both the US and Canada, which are due later during the early North American session. Friday's economic docket features the release of Durable Goods Orders and the flash PMI prints in the US, which will be closely watched by traders. Meanwhile, Canadian monthly Retail Sales figures will provide further cues. Finally, oil price dynamics will play a crucial role in determining short-term opportunities on the last day of the week.
In conclusion, the USD/CAD currency pair remains steady above 1.3700 but lacks bullish conviction amid an uptick in oil prices. Traders are advised to stay cautious and follow the macroeconomic data releases and oil price dynamics to identify any short-term opportunities.
USDCAD in trading range.USDCAD -
Previous support located at 1.3650.
Previous resistance located at 1.3750.
The trend of higher intraday lows has also been broken.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 1.3650 will confirm the bearish momentum.
24h expiry- We look to Sell at 1.3740 (stop at 1.3780)
Our profit targets will be 1.3640 and 1.3620
Resistance: 1.3750 / 1.3800 / 1.3850
Support: 1.3650 / 1.3600 / 1.3500
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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 Outlook 21 March 2023The USDCAD traded lower through the trading session yesterday as the DXY continued to weaken. The price reversed from the 1.3745 resistance level, down toward the key support level of 1.3650.
Today, the Canadian CPI is due to be released and is expected to indicate a slowdown in overall inflation growth with the Median CPI y/y (Forecast: 4.8% Previous: 5.0%) and the Trimmed CPI y/y (Forecast: 4.9% Previous: 5.1%).
Recently the Bank of Canada paused on its rate hikes, to allow time for the effects of the previous rate hikes to be reflected.
A slowdown in inflation growth would be supportive of their recent decision to pause and could reinforce a continuation of the decision. This could result in some strengthening of the Canadian dollar.
The USDCAD is likely to retrace to test the 1.37 round number level and 50% Fibonacci retracement level. However, if the USDCAD breaks below 1.3650, the next key support level would be at 1.3560.
USDCAD H1: Bullish outlook seen, further upside above 1.3650 On the H1 time frame, prices are testing the support zone at 1.3650, in line with the graphical support and 38.2% Fibonacci retracement where we could see a further upside above this level. A break above our upside confirmation level at 1.3720 which is also a supply zone could provide the bullish acceleration to the resistance zone at 1.3800. Failure to hold above the 1.3650 support zone could see prices push lower to the next support zone at 1.3550.
USDCAD Potential UpsidesHey Traders, USDCAD feels a need of a correction before continuation to the upsides, in tomorrow's trading session i'm monitoring reversal from 1.364 supply and demand zone at the trend. if the rejection is confirmed i will set 1.375 as a target as it's considered the next major support and resistance zone USDCAD will be facing.
Trade safe, Joe.
USDCAD Price Expected to Breakout UpwardThe USDCAD pair is in a long-term uptrend and is currently moving within a short-term triangle pattern. It has almost reached the end of the triangle pattern. I expect the price to break out of the triangle and continue its upward journey, with targets at 1.38200 and 1.39250.
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