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Usdcadanalysis

USDCAD BUY TREND 04/07/2024It's been a while... Based on a detailed analysis of the 1M chart, we anticipate that the USDCAD pair will experience an upward movement. Although this analysis is derived from the 1M chart, the idea is published on the 15M chart for clarity and presentation purposes. Key Points: Trend Direction: Upward movement expected Risk Management: Exercise caution as the pair may experience temporary declines, presenting additional buying opportunities Timeframe: Expect changes within the next week Take Profit (TP): A TP line has been established. Regular updates will be provided to indicate optimal points for closing all trades Alerts: Set alerts to receive timely notifications on when to close trades, ensuring you maximize your gains and manage risk effectively We will continuously update this idea with crucial information on when to close positions. Make sure to stay tuned and adjust your strategy accordingly. Wishing everyone a happy and prosperous 4th of July!
Long
by TradeWithConfidence
5
USDCAD Trade Ideas 8HThe price is currently trading above the 50-period moving average, suggesting short-term bullish momentum. The recent crossover of the 50-period moving average above the 200-period moving average (often referred to as a golden cross) could indicate a potential shift to a more sustained bullish trend. Potential Scenarios: Bullish Scenario: If the price continues to move upward, the first target will be the lower bearish rejection block (1.3760 - 1.3780). A successful break above this level could see the price testing the higher bearish rejection block (1.3800 - 1.3840). Continued bullish momentum past these rejection blocks could indicate a strong trend reversal. Bearish Scenario: If the price fails to break through the first bearish rejection block, we could see a pullback towards the major support zone (1.3560 - 1.3620). A breakdown below this support zone would indicate a potential continuation of the broader downtrend. Conclusion: The bearish rejection blocks highlight significant resistance areas where the price may face selling pressure. The major support zone is a crucial level that has held firm in recent attempts. Monitoring price action around these levels will be key to understanding the next major move in the USD/CAD pair. Fundamental Analysis: 1. Economic Indicators United States: Interest Rates: The Federal Reserve's stance on interest rates can heavily influence the USD. Any hints of rate hikes or cuts can impact USD strength. Economic Data: Key indicators such as GDP growth, employment reports, and inflation figures (CPI and PPI) provide insight into the health of the US economy. Strong data typically supports the USD. Canada: Interest Rates: The Bank of Canada’s (BoC) monetary policy decisions affect the CAD. Like the Fed, any change in the interest rate can drive the CAD’s value. Oil Prices: Canada is a major oil exporter, so fluctuations in crude oil prices directly impact the CAD. Higher oil prices generally strengthen the CAD, while lower prices weaken it. 2. Trade Relations: USMCA Agreement: Trade relations under the US-Mexico-Canada Agreement can influence the USD/CAD pair. Smooth trade relations support economic stability, benefiting both currencies. 3. Global Economic Conditions: Risk Sentiment: Global risk sentiment affects USD/CAD. In times of economic uncertainty, the USD tends to strengthen due to its safe-haven status, while the CAD may weaken. Global Growth: General trends in global economic growth can influence demand for commodities, impacting the CAD. 4. Political Factors: US Political Climate: Political stability or instability in the US, including fiscal policies, government spending, and trade policies, can impact the USD. Canadian Politics: Political events in Canada, such as elections or policy changes, can influence investor confidence and the CAD. 5. Inflation Rates: US Inflation: Higher inflation may prompt the Fed to raise interest rates, supporting the USD. Canadian Inflation: Similar to the US, higher inflation in Canada may lead the BoC to hike rates, strengthening the CAD. 6. Employment Data: US Non-Farm Payrolls: A key indicator of economic health in the US. Strong employment data typically boosts the USD. Canadian Employment Reports: Employment changes in Canada provide insight into economic strength and can impact the CAD. What do you think? Let me know in the comments
Long
by The_Golden_Path
Bullish USD/CAD will reach 1.38(7/02/2024)It seems the Bulls are handling USD/CAD. USD yield is hitting currencies with lower yields. Of course, CAD has nothing to present much versus USD. Also, the price makes higher highs and higher lows, moving in a 5-wave impulse. Our technical view has been shown in the chart. If you like it then Support us by liking, Following, and Sharing. Thanks For Reading Team Fortuna -RC (Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
Long
by fortunamarkets
Forex Price analysis - GU, AU, UC, UJ and CJWelcome to this week's Forex Price Analysis for the week starting June 30, 2024. We're analysing GBPUSD, AUDUSD, USDCAD, USDJPY, and CADJPY. GBPUSD: The bullish wave structure is broken. High probability sell at 1.2654 targeting 1.2612. AUDUSD: A bearish wave suggests a buy at the low. A strong rally on Friday. Prefer buying after a correction to the 0.6640 buy zone. USDCAD: A bearish move on Friday indicates a revisit to 1.3734. Expect lower prices to 1.3627 before buying. USDJPY: Strong uptrend last week. Bullish wave failed; trend change pattern with a corrective wave in Fibonacci sell-zone. Trade below 160.70 suggests further decline. A break above 160.96 negates selling. CADJPY: Similar to USDJPY. Potential downside after Thursday's high. A strong break of the high on Friday suggests an uptrend continuation. A break below 117.43 indicates a selling opportunity after a pullback.
by Charts247TradingAcademy
USD/CAD Gains on Fed's Inflation Fight, Watching for Short SetupThe USD/CAD pair is edging higher on Wednesday, currently trading around the 1.3687 mark. This upward movement comes as the US Dollar (USD) strengthens, bolstered by commentary from several Federal Reserve (Fed) officials. Their statements collectively suggest that the US central bank remains reluctant to cut its main interest rate, the Fed Funds rate, due to insufficient progress in lowering inflation. This stance is viewed positively for the US Dollar and, by extension, the USD/CAD pair because maintaining a high Fed Funds rate attracts greater foreign capital inflows from investors seeking higher returns. However, we also observe a confluence of signs that suggest a potential new bearish impulse for USD/CAD. Yesterday, we successfully closed a short position in USD/CAD with a quick profit, following the release of the Canadian CPI economic data. Today, we are considering another opportunity to sell at relatively premium prices. Specifically, we are targeting the 78.6% Fibonacci retracement level, which aligns with the 38.2% retracement from the major higher swing. Additionally, we have identified a divergence on the H1 timeframe within a possible bearish channel, reinforcing our bearish outlook. Given these factors, we are looking to establish a new short position in USD/CAD, aiming to capitalize on the anticipated downward movement.
Short
by FOREXN1
3
USDCAD - UniverseMetta - Analysis#USDCAD - UniverseMetta - Analysis On D1 you can see the ABC structure, and a potential continuation of the move up to update the ATH. H4 - Now a 3-wave structure is being formed to continue the movement. You can limit yourself to a short stop at the level of breaking through the local second wave To cancel, form the 3rd wave in the opposite direction. To cancel the 3rd wave, form ABC in the opposite direction, so as not to take increased risk. Target 1.37200 - 1.37442 - 1.37833
Long
by Trade-U-Metta
USDCAD AFTER CPI NEWSUSDCAD HELLO TRADERS TODAY , after publish CPI , the result positive for cad , it becomes rise to reach a resistance level after corrective a turning level Tendency the price is a bullish pressure at 1.36283 TURNING LEVEL : the price in turning level 1.36283 , until price trade this level active bullish area , but if price breaking this level active bearish zone RESISTANCE LEVEL: price trade above turning level 1.36283, the price will rise to 1.36894 and 1.37202 SUPPORT LEVEL : the price breaking turning level 1.36283, it will reach the support level of 1.35745 then stable this level reach to 1.35219 CORRECTIVE LEVEL : price will 1.36283 , correct itself before long ---------------------------- * Thank you , if you support this idea with your likes and comments , I hope you a profitable week 🤍
Long
by ArinaKarayi
USDCAD SELL | Idea Trading AnalysisUSCAD is moving in a descending channel, We expect the decline to continue after the dynamic resistance is retested. USDCAD is near the resistance, where price dropped before. We expect a bearish move from the confluence zone. Hello Traders, here is the full analysis. I think we can soon see more fall from this range! GOOD LUCK! Great SELL opportunity USDCAD I still did my best and this is the most likely count for me at the moment. ------------------- Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝
Short
by TheGrove
9
USDCAD Structure ShiftedAs per the weekend analysis it seems we are about to see a drop coming in USDCAD towards 1.3660. as we have Monday opening left, i am not expecting any gap to be occurring in the market. expecting price not to breach its current swing high of 1.3780 level while maintaining a bearish bias. Entry can be done around at current level . but i would like to wait till Monday new York opening to see more price action to come. will update more about this pair and setup with entry and stoploss soon. do comment like share and subscribe for more detailed videos of trading setups
Short
by Rizwan-Ali
USDCAD Signals: Bullish Breakout Above 1.3000USDCAD – technical overview Above 1.3000 signals an end to a period of longer-term bearish consolidation and suggests the market is in the process of carving out a more significant longer-term base. Next key resistance now comes in up into the 1.4000 area. Setbacks should be very well supported down into the 1.3000 area. R2 1.3847 – 16 April/2024 high – Strong R1 1.3792 – 11 June high – Medium S1 1.3662 – 7 June low – Medium S2 1.3586 – 10 May low – Strong USDCAD – fundamental overview The Canadian Dollar is coming out of a rare session in which it outperformed its peer group. Canada housing data was behind the relative strength after May housing starts accelerated at the fastest pace since September 2023. Key standouts on Tuesday’s calendar come from Eurozone and German sentiment reads, Eurozone CPI, US retail sales, US industrial production, and Fed speak. Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
by BlackBull_Markets
USDCAD - Awaiting Breakout Amid Key Economic Data ReleasesThe USDCAD pair is currently forming a wedge-type pattern, indicating a period of consolidation that typically precedes a significant price movement. The forthcoming Non-Farm Payrolls (NFP) and Consumer Price Index (CPI) data releases will be critical in determining the direction of the breakout. ---------------------Key Levels:-------------------------------- Strong Support: 1.36000 Medium Resistance: 1.37500 Strong Resistance: 1.38500 Current Market Sentiment: At this juncture, we maintain a neutral bias on USDCAD, given the potential for either bullish or bearish developments contingent on upcoming economic data. ________________Technical Indicators:__________________ Support and Resistance Analysis: The pair is testing critical support at 1.36000. A break below this level could signal a bearish trend, targeting lower levels as the market reassesses USD strength. Wedge Pattern Formation: The wedge pattern suggests an imminent breakout, though the direction remains uncertain pending economic data. Volume Analysis: Observing volume spikes during the breakout will be essential to confirm the direction of the trend. _____________________Potential Scenarios__________________ Bullish Scenario: Trigger: A breakout above the medium resistance at 1.37500. Implication: If USDCAD breaks and sustains above 1.37500, it could pave the way for a continuation towards the strong resistance at 1.38500. Target: 1.38500 and potentially higher if bullish momentum persists. Action: Monitor for buy signals upon confirmation of the breakout with increased volume. Bearish Scenario: Trigger: A breakdown below the strong support at 1.36000. Implication: A decisive move below 1.36000 would likely initiate a bearish trend, with the potential for accelerated selling pressure. Target: Lower levels, possibly revisiting the next significant support zones around 1.35000 and 1.34000. Action: Consider sell signals if the price breaks below 1.36000, ensuring confirmation through sustained lower price action and volume. Conclusion: USDCAD is poised at a critical juncture within a wedge-type pattern. The upcoming NFP and CPI data releases are expected to provide the necessary catalyst for a breakout. Traders should remain vigilant and ready to react to a confirmed breakout above 1.37500 for a bullish trend or below 1.36000 for a bearish trend. Recommendation: Maintain a neutral stance until the price action dictates a clear direction. Utilize stop-loss orders to manage risk effectively and be prepared to adjust positions based on the market response to the upcoming economic data. Disclaimer: This report is based on current market conditions and is intended for informational purposes only. It does not constitute financial advice. Always conduct your own research or consult with a professional before making trading decisions.
by trading_jupiter
USD/CAD looks set to break higherPrice action may be choppy on the daily timeframe, but it remains in an uptrend none the less. Price action since the April high appears to be corrective, and support was found around a prior VAH (value area high) and 1.36 handle. The 1-hour chart shows strong bullish momentum from 1.36, and prices are now consolidating within a potential bull flag. The pattern projects an upside target around 1.3745, and the lows of the consolidation are holding above the weekly/monthly pivot and 10-day EMA. The bias is for prices to rise to at least 1.37 near the weekly R1 pivot and 1-day implied volatility band.
Long
by CityIndex
USDCAD tm:1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
by itsbluemorpho
USDCAD | Hidden Bullish Divergence | AB=CDThe USDCAD chart has currently formed a Harmonic AB=CD Pattern, which indicates a Potential Reversal Zone (PRZ). Additionally, there is a Hidden Bullish Divergence on the 1-hour time frame, suggesting that the current downtrend is about to shift into an uptrend. Furthermore, the price has mitigated the Order Block (OB) and is now moving upwards. These confirmations indicate a short-term bullish momentum, although the overall structure on the higher time frame remains bearish. In summary: 1: Harmonic AB=CD Pattern: This pattern suggests a potential reversal zone (PRZ). 2: Hidden Bullish Divergence: Observed on the 1-hour time frame, this indicates a potential shift from a downtrend to an uptrend. 3: Order Block (OB): The price has mitigated the OB and is moving upwards, supporting the short-term bullish momentum. 4: Higher Time Frame Structure: Despite the short-term bullish signals, the overall structure on higher time frames remains bearish. It's important to consider these factors together and conduct thorough analysis before making any trading decisions.
Long
by awaisulabdeen
2