USDCAD 4H Analysis Potential for SellingUSDCAD CHART ANALYSIS POSTED ON SUNDAY 09 JULY 2023
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Usdcadanalysis
DeGRAM | USDCAD at strong supportUSDCAD is currently trading in an ascending channel.
The market broke and closed above the consolidation zone.
Price pulled back to the kill zone: support at 1.32500 and 50% fibo retreatment.
We anticipate a retest of the major resistance.
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Usdcad Ready For a Bullish RunMy usdcad bullish view
FOREXCOM:USDCAD
Weekly: Usdcad is bouncing off weekly order block with old high above serving as a draw on liquidity.
4HR: Price took out sellside liquidity and created a shift in market structure leaving behind a clear order block and fair value gap.
Above price, we have multiple buyside liquidity and fair value gap which serve as a draw on liquidity for price.
I expect price to fill the fair value gaps above and take out the buyside liquidity.
Entry: I will set my buy limit order at around 1.31662 ote level.
Stop loss: My stop loss will be place around 1.31128 zone below the swing low.
Take profits: My final take profits will be at 1.36516.
But I will take partials along the way as price take out each of those swing highs on the way.
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USD/CAD: Short Term "Buy the Dip" strategy!From a technical point of view,, the FX:USDCAD pair is bearish in short term, but at the same time, we think a corrective structure "must" be triggered. With this in mind, the strategy is simple: "Buy the Dip" on the intraday chart (1H time frame).
On chart I have shown some potential targets that could be reached, but to understand which of these to look at, we need to follow the swing that will form (3 or 5 waves), so it will be necessary to follow and update this analysis (levels) along the way.
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USDCAD Analysis 9July2023on this fibo extension, it looks like wave a = wave c. when wave c has the same length as wave a and there is a correction, there is a possibility that this correction will approach the invalid area. if you want to go long, it is better to wait for a saturated candle in the SnD area.
USDCAD Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
DeGRAM | USDCAD AB=CD in the ascending channelUSDCAD is currently trading in an ascending channel.
The market created a consolidation zone and broke/closed above it.
Price is coiling up before breaking through the level.
We anticipate a retest of the major resistance and a complete AB=CD pattern.
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USD/CAD Faces Resistance at 1.3300 Amid Market CautionThe USD/CAD currency pair encountered strong resistance around the 1.3300 level during the New York session. This resistance was influenced by factors such as a cautious market sentiment, negative expectations for second-quarter corporate earnings, and a decline in the US Dollar Index (DXY) despite the anticipation of interest rate hikes. Additionally, the Canadian Dollar received support from rising oil prices, further impacting the currency pair's dynamics.
Market Analysis:
The S&P500 is expected to open on a negative note as investors adopt a cautious approach, considering the upcoming corporate earnings season. The anticipation of subdued earnings is primarily attributed to the Federal Reserve's decision to raise interest rates and the tightening credit conditions implemented by commercial banks. These measures aim to maintain asset quality amidst a potentially turbulent economic environment.
TRADE IDEA DETAILS
CURRENCY PAIR: USD/CAD
CURRENT TREND: Bearish
TRADE SIGNAL: SELL
👉ENTRY PRICE: Approximately 1.3300
✅TAKE PROFIT: Around 1.2500 - 1.3000
❌STOP LOSS: Approximately 1.3400
Economists at Société Générale have analyzed the Canadian Dollar's outlook and anticipate a decline in the USD/CAD pair below the 1.30 level. The relative rates between the US and Canada are likely at their peak for the current economic cycle, which should support the CAD going forward. While the possibility of further tightening by the Federal Reserve and potential rate hikes by the Bank of Canada may prevent a rapid movement, Société Générale expects a return to a trading range of 1.25-1.30 for USD/CAD by the end of the year.
USDCAD TakeoffThe USD/CAD forex pair is influenced by:
- Commodity prices, especially oil
- Interest rate differentials between the US and Canada
- Economic indicators such as GDP, employment, inflation, and trade balances
- Market sentiment and global risk appetite
- Political events
Monitor your trades. Key factors are mentioned above so trade accordingly
UsdCad- False break under support?In my previous UsdCad analysis, I said that the pair could fall to 1.3250-1.33 zone support.
Indeed, the pair reached my target and even dropped under this horizontal support.
Now UsdCad is back to this zone, now resistance, and is interesting to see how it will act.
On one hand, UsdCad back above 1.33 would confirm a false break and the pair could resume its long-term up trend with a target at 1.3650, on the other hand, a reversal from this level would expose the recent low and even lead to a break of the ascending trend line.
USDCAD Daily Long Term Buying IdeaHello Traders
In This Chart USDCAD DAILY Forex Forecast By FOREX PLANET
today USDJPYD 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