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Usdcadanalysis

USDCAD - Bullish?OANDA:USDCAD I entered a buy position on USDCAD at the pullback to the swing discount, targeting the old high on 4H. Why the old high? Above the old high there is a weekly FVG. Reason Behind The Buy? Price created a swing low on the weekly time frame right at the the weekly order block serving as support for price. So, I expect price to bounce off weekly level to fill the FVG above, which is the external liquidity. Price already took liquidity from the old lows. Those are my thoughts behind the trade.
Long
by Elijahenoch7
USDCAD: Technical Profits Await (SELL)On Weekly Bearish, market has been bearish. And this sets the bias we will be looking for which is the sell side. On the daily chart, Price has just broken a level that has been tested multiple times in the past. The 4hours is a little bit more interesting because we might see being rejected by: Support now turned resistance, Trend line that has held for a very longtime and the MA. which is a perfect confluence . It's all about probability This is a good probability setup
Short
by Crusade1Jay
USDCAD: stuck in a narrow range!Earlier today, the Japanese Government released updated forecasts, revealing that consumer inflation is expected to reach 2.6% in the current fiscal year. This is an increase from the previous forecast of 1.7% in January, and it surpasses the Bank of Japan's target of 2%. Additionally, the Government revised the economic growth forecast for the current year to 1.3%, down from the initial projection of 1.5% in January. It is anticipated that inflation will fall below the Bank of Japan's target range in 2024, with a forecasted rate of 1.9%.
Long
by Sphyn-Trader
3
USDCAD: Today!The USD/CAD exchange rate is uncertain around the 1.3170-80 level early on Wednesday morning in Europe. Although the downtrend has paused for now, traders are still looking for more evidence to support buying the Canadian dollar against its US counterpart, especially after a slow Asian session. On one hand, Canada's inflation numbers were disappointing, while the US Retail Sales data and a decline in WTI Crude Oil prices (Canada's main export) may attract buyers of the USD/CAD pair. On the other hand, positive market sentiment and concerns about the Federal Reserve's dovish stance are likely pushing the exchange rate higher.
Long
by Sphyn-Trader
16
USD/CAD: Potential swing trade shortWe outlined a bearish bias in a previous USD/CAD article which clearly did not play out, thanks to hawkish comments from Fed members, hawkish FOMC minutes and stronger economic data for the US. However, a strong Canadian employment report on Friday has now seen odds shift in favour of a 25bp BOC hike this week – and if that is to be coupled with a soft(er) than expected US inflation report, perhaps we’ll finally see that swing trade short play out after all. A 3-wave rally has stalled at the 50% retracement level and 50-day EMA to suggest a swing high is in place. We’ve seen a minor attempt to retrace within Friday’s range during Asian trade (and a higher retracement would be welcomed to help improve the potential reward to risk ratio). Assuming momentum has realigned with the bearish daily trend, a move towards (and break beneath) the June low on its way to 1.3000 is now in focus.
Short
by CityIndex