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USD/CAD

Continued Weekness in the USD/CAD Short PotentialUSD/CAD continues its slide and pullback from the last large daily Wave formation. It appears we are still in the "C" Wave. As long as we can stay under the current trend line we could see levels around 1.1400 in the Long Run which would be the .618 FIB retrace level. This should be supported by the rise in oil and my belief that we are headed to $55 - $65 OIL. Levels to watch and potentially enter short on would be a pull back to the current trend line. WARNING - A break of the trend line and a break of the current "B" Wave high would cause me to change my mind on the pair.
by ghostdigg
Potential Bullish Crab forming on $USDCADHere is a potential C-D leg forming of a Bullish Crab. It would not 'activate' until the B point (May 26th low) is broken/closed. Indicators have been confirming at each point with solid reactions at the turns. The completion target also works well with my noted confluence. A break of the C point (June 2nd high) invalidates pattern & probably means a longer term pattern is playing out. I would also watch the 161.8% at $1.27393 for a bounce attempt if we get there.
Short
by JohnConaway
TAKE ADVANTAGE OF THE MARKET OVER EXTENSIONHi there, Recently found this great trading opportunity in USD/CAD 1H, where Market is retracing after a good uptrend. The idea is, that we're looking for a market over extension at a 1.618 Fib. Inversion, in expectation that we're gonna see a move back into trend after price reach that level. Which happen to be at the same area with an ABCD pattern completion and a support level looking left. And just as I've told you in my previous update, ahead of The Fed Statement like now, when we can expect volatility to increase trade with beautiful R/R ratio like this is a really good way to approach the market. If you do this consistently guys, you'll see the positive result over the long run. That's it for today guys. I hope this one is beneficial. God Bless. Fedro
Long
by FedroChristian
USD/CAD could set a major bottom here (depends on NFPs)A few days ago, I posted a bullish scenario on the USD/CAD. Prices have fallen back to their annual lows, but I maintain my bullish stance on a technical basis ahead of the US NFPs (note: Canadian employment figures are scheduled for 8 April). Prices came close to hitting the 1.285 level yesterday before they erased the day's losses and finished the trading session in the black. That's the first technical proof of a stabilization of prices, which could eventually lead way to a significan bounce so long as the NFPs support the US dollar today. That's obviously a big assumption, and it would be very risky to bet on that right now (unless you were lucky enough to have entered the market at around 1.2860-70 yesterday). I'm going to be watching for further signs of a trend reversal ahead of the weekend. If today's candlestick is firmly bullish, then I will likely reaffirm my bullish stance with even more conviction. If it weren't for the NFPs, I would say that the risk/reward on this pair is still favorable for buyers above 1.285 with stops just below the 1.28 handle.
Long
by ABRAK75
1
Probably the right time to go bullish again on USDCADThere was a significant "blowout" movement in USDCAD prices this past quarter, but I have a hard time changing my fundamental assessment that the Canadian dollar should remain overall weak against the greenback this year. Technical analysis currently supports a bullish hypothesis on this pair as prices recently rebounded on a long-term trend line. Note the critical technical level around 1.285. I suspect that if US and Canadian employment figures next week lead to further gains, a significant low will have been put in at the close of the 1st quarter with a re-positioning of market actors with a psychological shift again towards the USD.
Long
by ABRAK75
US Dollar Technical Outlook At Resistance! DXY!The US Dollar fell to a four-month low last week with prices testing 94.50 support on dovish FOMC meeting. But prices managed to reverse their losses with the Dollar Index posting steady gains, for the most part, this week. Prices rallied for nearly four consecutive days after falling to the 94.50 support. The gains in the US Dollar came about as various Fed members’ speaking engagements saw most of the FOMC members coming out hawkish on interest rates, with some expecting to see a rate hike as early as April. Unlikely as it may be, the Fed speak this week showcases the view that the broader consensus is continuing to incline to more rate hikes. Economic data this week from the US saw a mixed bag with durable goods orders released yesterday falling while housing data continued to remain mixed. Today’s GDP data is unlikely to see much traction with expectations broadly for an unchanged print at 1.0%. Even if the GDP data is revised lower, with the FOMC event done with, it is unlikely to see much movement on the markets. The week ahead will be exciting as March concludes and the markets gear up for the NFP data next week. Between now and then, the US Dollar is very likely to remain below the 96.5 – 96.0 resistance and 94.50 – 94.0 support. US Dollar Technical Outlook The weekly chart shows prices currently trading within last week’s range of high and low following the brief rejection of prices near 94.50 – 94.0 on the weekly basis. There is a high likelihood that this week’s price action could close with an inside bar, which is likely to signal a breakout. To the upside, resistance at 96.5 on the weekly is a level to watch, which if gives way could see the US Dollar rally back to the old resistance near 98.0. To the downside, with the support level coinciding with last week’s low, the 94.5 – 94.0 support will be necessary as a break below this level will see prices fall to 93.0 – 92.5. US Dollar Index – Weekly Chart likely to form an inside bar On the daily chart, price action is currently on the resistance level of 96.5 – 96.5. A bearish confirmation here could see prices start to decline but trade within the ranges specified. Further price action evolvement will be based on a break of one of the two levels, but there is a possibility for another leg to the downside to test the lower support at 94.0, testing 14th and 15th September lows. The 4-hour chart has signaled a reversal with prices forming a doji and a subsequent break to the downside near the 96.5 – 96.0 resistance. This should most likely see the US Dollar continue to push lower, but as with the daily chart, only a break of the lower support or the resistance above will confirm further direction in the US Dollar Index. www.tradingsignalreviews.com
TVC:DXY
by TheBanker
6
Potential end to correction USD/CADHey Guys, this is my first post and by no means a pro by any stretch, looking to get different views/ confirmations as well as advice if wrong. i believe a 5 wave structure of a lesser degree has just completed and now looking to make another impulse as the correction may be coming to an end with a bullish wedge consolidating near the 38.2% fib level of the entire 5 wave structure, will wait for confirmation whether it breaks up or down, if down will wait for confirmation on 50 and/or 61.8 levels. any and all idea's and perspectives welcome :)
Long
by Matt_Monk