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Usdcadanalysis

USD/CAD Weekly Analysis - Bull Breakout to 1.40!USD/CAD has finally broken out of the bear channel/bull flag and closed near its high on the Weekly chart. Current price is at 1.38750 with a nice gap to fill at the bear channel high of 1.40000. This is an ideal Daily or Weekly scalp, placing your stop below the channel top of 1.37000 or the Weekly 9EMA. That creates a Risk/Reward Ratio of 2:1, which means your position size needs to be sized for your maximum loss for your account size. (Examples Below) Key Points: 1. Weekly candle closing near its high 2. Weekly candle closed well above the Bear Channel 3. Gap between current price and channel high 4. RSI has room to move up 5. Scalp the gap between the current price and 1.40000 A weekly candle closing near its high after a breakout is a strong bull signal. The price has a gap to fill, and the RSI has room to move up. The RSI is a weak indicator on its own, but coupled with the other data points, it aids the conclusion. It's reasonable to scalp the gap on the Daily or Weekly charts. See the rationale below. Trading Rationale Let's say you have a $10,000 account and you apply the 2% rule of trading, where your maximum loss on any trade is 2% of your total account equity. In this case, $10,000 x 2% = $200. Therefore, a scalp on this chart should render a loss no greater than $200 and a reward of $100. A scalp is justified in this case because our probability of success is likely higher than the general 40-60 rule, which states that the probability the market will move the same distance in either direction is between 40%-60%. In the 40%-60% scenarios, a 1:2 Risk Reward ratio means your probability of making money is positive. When we have a strong breakout like USD/CAD, the probability of a continuation gets closer to 80%-90%. We can afford to extend our risk because the probability is so high. The simple math is if you ran this trade 10 times and hit your Take Profit on 8 of them (80%), you would win $800 and lose $400, a total profit of $400. Therefore, this is a reasonable trade. As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USDCAD Buyers Are Strong? {26/10/2022}Educational Analysis says USDCAD may go long according to my technical. This is not an entry signal. I have no concerns with your profit and loss from this analysis. Why long? Broker FXCM. After Ranging on the daily timeframe, A 4-hour time frame Made a Recent Upward Impulse Move that broke recent resistance and went for a new high, Long setup after eating stop loss from Short Sellers, Because USDCAD fair value gaps are unfilled in a 4-hour time frame. The last Analysis is jointly connected in this updated one. So, trade is already on with RR is 1: 22.01 I HAVE NO CONCERNS WITH YOUR PROFIT OR LOSS. Happy Trading, Fxdollars.
Long
by VishalBudhrani
USD/CAD 1HR Analysis - Are We About to Break to the Upside?USD/CAD had a fantastic bounce off of the bull channel bottom (1.36600) just below the 1HR 200EMA, leading to a 120 pip run to the top of the channel (1.37800). If you followed my last USD/CAD 1HR Analysis, this was the exact move I was after, which has now ended. Where do we go from here? Key Points when considering a long: 1. We're at the top of a bull channel, very risky to long here as the probability of a breakout is statistically 10% and your stop loss should be at the bottom or below the channel. Not good Risk/Reward considering the probability, even with a small position. 2. The previous high resistance intersects perfectly with the top of the bull channel. Another indicator to wait on longing. 3. RSI is in overbought territory, a weak indicator, but supports the other data here. 4. The Weekly resistance may now be support. This previous bounce was rather convincing. We need to continue to see newer highs up to the high of the Weekly Bear channel at 1.40000. (See my USD/CAD Weekly analysis). The weekly support is 100 pips below us, best to wait until we get closer. 5. If you're long, take some profits, and wait for another entry toward the mid-range of the bull channel. Wait for a bull signal bar and confirmation bar that closes on or near its high. Preferably off of the 1HR 30EMA or 200EMA. What about a short here? I think a short on the 5-minute or 15-minute chart at this level can be reasonable. However, the macro trend is bullish, I would argue position size should be lower than your maximum, and your stop loss be placed just above the channel top. Shorting to the 1HR 30EMA or 200EMA is risky, but with the right trade management, it could render some profits. I argue to remain long and wait for that long entry, there is probably more upside than downside at this stage of the game since we've broken out of the Weekly bear channel. As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USDCAD ShortOANDA:USDCAD The technical analysis of the current market conditions reveals a bullish channel coexisting within a bearish trend. This implies that the breakage of the channel's lower boundary would trigger a subsequent bearish trend. The current price point has reached the channel's apex, and there is a possibility that it may retreat to the lower boundary, even breaking it and further descending. It is, however, imperative to note that such a trade is inherently precarious. A small stop-loss and a large risk/reward ratio should be implemented to mitigate this risk. Therefore, it is vital to exercise utmost caution and carefully manage the associated risk.
Short
by Dr_Candle
USDCAD BUY | Day Trading Analysis With Volume ProfileHello Traders, here is the full analysis. Watch strong action at the current levels for BUY. GOOD LUCK! Great BUY opportunity USDCAD I still did my best and this is the most likely count for me at the moment. Support the idea with like and follow my profile TO SEE MORE. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝 Patience is the If You Have Any Question, Feel Free To Ask 🤗 Just follow chart with idea and analysis and when you are ready come in THE GROVE | VIP GROUP, earn more and safe, wait for the signal at the right moment and make money with us💰
Long
by TheGrove
6
USD/CAD 1HR Analysis - Remain Long With The New Weekly Support!USC/CAD may have established a new support with the Weekly resistance as shown in in my USD/CAD Weekly Analysis Idea from October 9th. We have several factors pointing to remaining long at this stage: 1. Currently in a Bull Channel 2. Weekly Resistance is starting to act like Support 3. We have a minor Bear Channel/Bull Flag on the hourly 4. Last weeks Weekly candle closed above the Weekly Resistance in a second attempt to break it 5. DXY is still above the 30EMA on the Daily Chart/9EMA on the Weekly We should remain long in the short-term (Hourly Chart) and probably on the Daily/Weekly chart as well per my Weekly analysis. Long targets should be the previous Weekly Bear Channel Highs of 1.38600 and 1.39800 respectively. A long at this stage should have a protective Stop on the 1HR 200EMA with a first Take Profit at the top of the Hourly Bull Channel at 1.37500. From there, it's reasonable to hold some of your long position and add to it if we confirm a break above the channel to the next levels. As always, trade at your own risk, you are responsible for your trades, and I hope this information was helpful. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USD/CAD Hovers Around 1.3600 Psychological Level Ahead of US CPIUSD/CAD Hovers Around 1.3600 Psychological Level Ahead of US CPI Release The USD/CAD pair remains in a tight struggle to surpass the key psychological level of 1.3600 as traders await the release of the US Consumer Price Index (CPI). The pair has seen two consecutive days of gains, trading in a positive territory around the 1.3600 level during the Asian session on Thursday. These moves come on the back of strong economic data from the United States and the release of the Federal Open Market Committee (FOMC) meeting minutes. One of the significant factors bolstering the USD/CAD pair is the robust performance of the US Producer Price Index (PPI), which revealed an increase in September. The PPI rose from 2.0% to 2.2%, exceeding the expected 1.6% rise. This development has shifted market attention to Thursday's Consumer Price Index (CPI) release. Forecasts indicate a drop in the annual rate for September, slipping from 3.7% to 3.6%. Additionally, traders are keeping an eye on the weekly Jobless Claims report. The FOMC meeting minutes presented a divergence in perspectives among committee members, emphasizing the significance of data-driven decisions. Some participants highlighted that a substantial rise in inflation would be a crucial factor in gaining consensus for further interest rate hikes. There was also discussion among some members about the shift in monetary policy focus as the policy rate nears or reaches its peak. The focus would transition from determining the magnitude of rate increases to evaluating the duration of maintaining the policy rate at restrictive levels. Amidst dovish comments and neutral stances from various Fed officials, speculations are circulating that the US Federal Reserve (Fed) might reconsider the idea of a rate hike. This speculation contributes to the evolving landscape of monetary policy expectations, creating a more nuanced economic environment. Fed Governor Christopher Waller advocated a cautious approach to rate changes, suggesting that financial market tightening "would do some of the work for us." In contrast, Fed Governor Michelle Bowman expressed a preference for another rate hike, citing persistent inflation levels above the Fed's 2% target. These contrasting views within the Fed add complexity to the current economic landscape. The US Dollar Index (DXY) is currently facing resistance around the 105.70 level, partially due to the decline in US Treasury yields. The 10-year US Treasury bond yield stands at 4.57% as of the latest data. The Canadian Dollar (CAD) has faced its own set of challenges as oil prices retraced from weekly highs. Despite this, the Loonie experienced gains, primarily driven by Middle-East tensions. Canada is the largest oil exporter to the United States, and geopolitical factors have influenced CAD's performance. From a technical perspective, the USD/CAD pair is trading within the 50% and 61.8% Fibonacci area. This range has the potential to trigger a pullback in the direction of the prevailing trend, with the possibility of a bullish impulse on the horizon. The interplay between economic data, central bank policy, and technical levels makes USD/CAD an interesting pair to watch in the coming sessions. Our preference Long positions above 1.3387 with targets at 1.3800 & 1.3980 in extension.
Long
by FOREXN1
7