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Usd-cad

USDCAD - further move down expectedThe USD/CAD pair is currently hovering around 1.3450 price zone after a recent dip from the psychological barrier of 1.3500. The Canadian dollar (Loonie) is facing some pressure as investors are less attracted to safe-haven assets, even though there's renewed hope that the U.S. Federal Reserve (Fed) won't lower interest rates until May. Oil prices have dropped slightly below $73.00 due to some economic headwinds. Global demand for oil is expected to remain subdued as central banks look to keep interest rates higher for a while longer to combat inflation. Additionally, China's post-pandemic economic recovery is still fragile, which is further weighing on oil demand. It's important to remember that Canada is a major oil exporter to the United States, and higher oil prices tend to support the Canadian dollar. If the USD/CAD pair drops below 1.3415, which was a high point on January 9th, it could open the door to further declines towards 1.3372, a high point on January 3rd, or even 1.3317, a low point on January 4th. Please see charts for all detils.
Short
by financialflagship
Fundamental Insights: CPI Trends and USDCAD OpportunitiesIn today's trading session, our attention is on USDCAD, where we are monitoring a potential buying opportunity around the 1.34700 zone. The currency pair, currently in an uptrend, is undergoing a correction phase as it approaches the trend at the 1.34700 support and resistance area. Now, let's add a fundamental layer to our analysis, considering the recent Consumer Price Index (CPI) data. Reviewing the CPI figures from the past few months, we observe a consistent pattern of inflation stability. The most recent data indicates a CPI of 3.4%, slightly surpassing the forecasted 3.2%, and showing a minor decline from the previous month's 3.7%. This stable inflation scenario can have implications for the US dollar. From a fundamental perspective, stable inflation often contributes to a stronger US dollar. Investors and traders tend to view stable inflation positively, indicating a healthy economic environment. This can potentially provide the Federal Reserve with room to contemplate tightening monetary policy, leading to USD strength. Traders should consider these fundamental factors in conjunction with technical analysis when evaluating potential moves in USDCAD. As always, trade safe.
Long
by JoeChampion
USD/CAD: Awaiting US Retail Sales Amidst Central Bank DivergenceUSD/CAD: Awaiting US Retail Sales Amidst Central Bank Divergence As the European trading session kicks off on Monday, the USD/CAD pair grapples with resistance under the 1.3450 area. The downward pressure on the pair is attributed to a weakening US Dollar (USD), compounded by a less-than-robust US Producer Price Index (PPI) report. Market Dynamics: Elevated expectations of easing by the Federal Reserve (Fed) persist, fueled by the recent decline in the USD and the subdued PPI figures. All eyes are now on the US December Retail Sales data scheduled for Wednesday, with an anticipated MoM increase of 0.4%, compared to November's 0.3%. On the Canadian Dollar (CAD) front, the Bank of Canada (BoC) is widely expected to pivot towards interest rate cuts in the coming year after a series of rate hikes. Speculation suggests that the first rate cuts could occur as early as spring. Technical Analysis: From a technical standpoint, the USD/CAD price remains within the 50% and 61.8% Fibonacci Zone, positioning itself for a potential retest of the 200 Moving Average and the Dynamic trendline. The confluence of these indicators raises the possibility of a retest, potentially leading to a new downward push in line with the prevailing main trend. Conclusion: The USD/CAD pair navigates a complex landscape marked by central bank divergence, economic data releases, and technical signals. The USD faces headwinds, fueled by Fed easing expectations and a lackluster PPI report, while the CAD anticipates potential rate cuts by the BoC. Traders will closely monitor the upcoming US Retail Sales data for further insights into the pair's direction, as it grapples with critical technical levels and evolving market dynamics. Our preference Short positions below 1.3530 with targets at 1.3300 & 1.3200 in extension.
Short
by FOREXN1
1
USDCAD Breakout and potential retrace with today's CPI.In today's trading session, our focus turns to USDCAD as we anticipate a buying opportunity around the 1.33700 zone. Having recently broken out of its downtrend, the pair is now navigating a correction phase, approaching the critical retrace area at the 1.33700 support and resistance zone. Adding a fundamental perspective to the technical analysis, it's important to note the recent US December core CPI data, which revealed a 3.9% year-on-year increase, surpassing the expected 3.8%. This potential strength in the US dollar could contribute to a reversal scenario for USDCAD, and traders should closely monitor the unfolding dynamics in this session. As always, trade safe. Joe
Long
by JoeChampion
USDCAD in Focus: Navigating Dollar Weakness and Upcoming CPIHey Traders, as we dive into today's trading session, our focus is keenly set on USDCAD, where we are eyeing a potential selling opportunity around the 1.34100 zone. The currency pair has been following a clear downtrend and is currently undergoing a correction phase, gradually approaching the trend at the crucial 1.34100 support and resistance area. Adding depth to our analysis, recent economic data has revealed weak figures for the US ISM (Institute for Supply Management), falling below market expectations. This unexpected downturn in the ISM figures suggests potential weakness in the US dollar, influencing our cautious approach in the current trading environment. Looking ahead to the week, anticipation builds as the Consumer Price Index (CPI) for the US is scheduled for release on Thursday. If the CPI data comes in softer than expected on January 11th, it could exert additional pressure on the Federal Reserve to consider rate cuts in the upcoming March meeting. This fundamental context enhances our attention to the USDCAD pair, and we'll be closely monitoring how these factors unfold in the market dynamics throughout the week. Trade safe!
Short
by JoeChampion
Buy USDCAD Triangle Breakout1. US Treasury yields climb, boost dollar: Rising US Treasury yields are providing some support for the dollar, putting mild upward pressure on the USD/CAD pair. 2. US employment data beats expectations: Positive US employment data released yesterday initially strengthened the US dollar, putting upward pressure on USD/CAD. However, concerns about rising US Treasury yields are now weighing on the dollar. 3. US/Canada employment data eyed: Both US and Canadian employment reports are due later today. Strong data from either side could significantly impact the pair's direction. Its good time to buy now, thank you
Long
by KABHI_FOREX_TRADING
2
USDCAD Approaching Significant ZoneUSDCAD has been Ranging in higher timeframes. On lower timeframes, a Bear market predominates. Price approaching Significant Zone: 1.30900 - 1.31775 Although zone was used previously as support, momentum indicates probable continuation passed this zone onto lower prices - unless proven otherwise by future price movements. Opinion is currently Neutral (no entry yet) with a Bearish bias . Looking for appropriate market structure at Zone for entry (shorts). Aggressively add to position if in profit, with appropriate risk managing and trading psychology. Avoid adding to position if negative.
by virtual_an0maly
USDCAD Bullish signal emerged inside a 15 month Rectangle.USDCAD has hit the 0.236 Fibonacci level of the 15 month Rectangle pattern after a continuous decline since the November 1st High. This level has been a technical buy entry on 5 occassions. Trading Plan: 1. Buy on the current market price. Targets: 1. 1.36350 (0.618 Fibonacci level). Tips: 1. The RSI (1d) has printed a Falling Support, which has been a bottom formation on April 13th and June 22nd. Please like, follow and comment!!
Long
by TradingBrokersView
USDCAD Potential DownsidesIn today's trading session, our primary focus is on USDCAD, where we are actively monitoring a potential selling opportunity around the 1.33900 zone. Currently entrenched in a downtrend, USDCAD demonstrates a sustained downward trajectory. Simultaneously, the currency pair is navigating a correction phase, steadily converging towards the trend at the pivotal 1.33900 support and resistance area. This numerical level holds significance as both a historical support point and a crucial juncture where the correction may intersect with substantial market forces. Our strategic approach for today involves a meticulous assessment of optimal entry points within the identified 1.33900 zone. Aligning our trading decisions with the ongoing downtrend and the potential market dynamics at the critical support and resistance area is crucial. Navigating the correction phase with precision is key as we aim to capitalize on the identified selling opportunity within the broader context of USDCAD's current trend.
Short
by JoeChampion
USDCAD: Sharp sell towards the annual low.USDCAD is being rejected on the 1D MA100, having turned bearish when ir crossed under the 1D MA50 on November 24th. The 1D technical outlook is naturally bearish (RSI = 40.749, MACD = -0.004, ADX = 31.294) giving us the ideal sell opportunity for an additional short, that will aim this time for a -4.00% decline from the top (TP = 1.33500). The 1D RSI is on a perfect symmetry with the April 10th rejection point. See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
USDCAD Hit the 1D MA200 after 2 months. What's next?The USDCAD pair hit today the 1D MA200 (orange trend-line) for the first time since September 29. This comes after the November 01 top rejection marginally above Resistance 1 (1.38645) got accelerated by breaking below the 1D MA50 (blue trend-line). With the 1D RSI close to the 30.00 oversold barrier, we see an uncanny resemblance with the March 10 - April 03 sequence. It was on exactly the same 1D RSI level when that fractal delivered a short-term rebound that got rejected on the 1D MA50 and then declined to the top of the Symmetrical Support Zone. As a result we expect today or on Monday a similar dead-cat-bounce and late next week a rejection to resume the downtrend. Our medium-term target is 1.3400 (a little over Support 1). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
2