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Usdcadanalysis

USD/CAD: SomeHi everyone! In the past few weeks we have already traded FX:USDCAD pair on the first trendline re-test, but at the same time this technical element could still be useful to us. The big picture on daily chart is harmonic structure followed by corrective structure with ABC Pattern formation. ✔ At the moment, we remain below an important resistance (not shown on chart), but if there is a bullish breakout during the first hours of trading, another bullish consolidation should appear, pushing the price to retest the trendline around the 1.3389 area. ✔ From a technical point of view and following the pair on intraday chart, it could be interesting to take a long position on pullback or corrective structure that will appear. During the next hours/sessions, we will publish new updates, even on minor time frame in the section below, or visit our Blog for a more detailed technical analysis. Trade with care. Analysis by Anonymous Banker Team Like | Share | Comment
Long
by TheAnonymousBanker
18
USD/CAD Gains Strength Amid Key Economic Events, BoC and US ISMThe USD/CAD pair is trading near 1.3640, shrugging off bullish oil price trends. The Bank of Canada is expected to keep rates stable at 5.00%, while mixed U.S. economic data keeps the USD strong. Market focus is on the upcoming U.S. ISM Services PMI and BoC rate decision for clearer directional cues. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bullish TRADE SIGNAL: Conditional Buy 👉ENTRY PRICE: 1.3670 ✅TAKE PROFIT: 1.3720 ❌STOP LOSS: 1.3620 ANALYSIS: The USD/CAD pair has shown resilience amid multiple economic variables, particularly favoring the USD. U.S. economic indicators remain strong despite recent factory orders data, and Fed Governor Waller's hawkish comments have bolstered the USD. The BoC is also likely to keep its rate unchanged, making the Canadian Dollar less appealing. TRADE PLAN: Enter a buy order only if USD/CAD crosses above 1.3670, confirming the break of technical resistance. Set a take profit order at 1.3720, aligning with the next resistance level. Place a stop loss at 1.3620 to mitigate potential downside risk. Monitor economic data releases like U.S. ISM Services PMI and BoC rate decision for potential market shifts. Execute the trade on a 1-hour timeframe for short-term analysis and trade management. FINAL THOUGHTS: Given the USD strength, mixed economic data, and anticipated BoC rate decision, a conditional buy signal seems most appropriate. However, traders should be cautious of sudden shifts due to upcoming data releases and geopolitical factors. It is imperative to stick to the trade plan, particularly the entry point and stop-loss mechanisms.
Long
by RichDadph-FX
1
UsdCad- Break above resistance next?After the low from mid-July, UsdCad has started to reverse and after the small correction from last week, last Friday was also marked by an immense Bullish Engulfing from short-term support which led the pair into the resistance zone again. The structure from the low is strongly bullish and I believe this resistance will fall sooner rather than later. I'm very bullish UsdCad as long as 1.35 is intact and a break above the 1.3650 zone could lead to acceleration to the upside and expose the 1.3850 zone. In conclusion, my strategy is to buy dips under 1.36 in search of a good risk: reward considering the levels that I mentioned.
Long
by Mihai_Iacob
2
USD/CAD: Double top beneath key swing highsUSD/CAD has risen just over 4% since its YTD low set in July. And it did so in a relatively straight line. Yet a double top has now formed on the daily chart beneath the April and May highs, with the second ‘top’ coming in the form of a bearish engulfing / outside day. This likely points to at least a minor top over the near-term. Any low-volatility moves towards 1.3600 could provide bears an improved reward to risk ratio, with 1.3500 making a viable initial target. Should US data such as GDP, ADP employment and Nonfarm payroll disappoint, we could be looking at much lower.
Short
by CityIndex
USDCAD Long Term selling Trading IdeaHello Traders In This Chart USDCAD HOURLY Forex Forecast By FOREX PLANET today USDCAD analysis 👆 🟢This Chart includes_ (USDCAD market update) 🟢What is The Next Opportunity on USDCAD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexPlanet20
USDCAD Long Term sellingTrading IdeaHello Traders In This Chart USDCAD HOURLY Forex Forecast By FOREX PLANET today USDCAD analysis 👆 🟢This Chart includes_ (USDCAD market update) 🟢What is The Next Opportunity on USDCAD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Short
by ForexPlanet20
DeGRAM | USDCAD at strong resistanceUSDCAD made a false breakout of the ascending channel. It's consolidating around the psychological level at 1.36000.   The market is testing the strong resistance level on the D chart. It might pullback because we have five cinsequitive bullish weeks, so the market should retrace. We expect a false break of resistance, giving a sign of rejection. ------------------- Share your opinion in the comments and support the idea with like. Thanks for your support!
Short
by DeGRAM
7
USD/CAD Holds Ground Near 1.3500 Amid US Dollar RevivalThe USD/CAD pair is holding firm around 1.3500, despite weak US economic data for July. Awaiting insights from the Jackson Hole Symposium, the US Dollar Index continues to climb. Meanwhile, the Canadian Dollar is affected by falling oil prices. Scotiabank sees USD-bullish trends but cautions the currency is overbought. Key resistance and support levels are identified. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bullish TRADE SIGNAL: Buy 👉ENTRY PRICE: 1.3520 ✅TAKE PROFIT: 1.3600 ❌STOP LOSS: 1.3490 ANALYSIS: The current trend for the USD/CAD pair is bullish, supported by the USD's rebound and Canadian Dollar's pressure due to declining oil prices. The support level of 1.3500 has proven strong, and the trend oscillators indicate a USD-bullish sentiment. FINAL THOUGHTS: This trade capitalizes on current bullish trends in the USD and pressures on the CAD due to oil price dynamics. The Jackson Hole Symposium and subsequent economic announcements should be closely monitored, as they may significantly impact the currency pair's movement. Attention to the overbought signals and resistance levels will be key to successful trading within this setup.
Long
by RichDadph-FX