Get started

Usdcadbuy

USDCADThe US dollar has rallied significantly during the trading session on Thursday to continue the recovery against the Canadian dollar. The 1.25 level has offered significant support multiple times, and it looks as if we are rallying away from that level. The 50 Day EMA above is offering a bit of dynamic resistance, and it has broken down below the 200 Day EMA. That being said, this is a range-bound market so, therefore, moving averages do not mean too much. Looking at this chart, the market continues to see a lot of noisy behavior, as is clearly defined by the floor at the 1.25 level, and the ceiling at the 1.2850 level. Ultimately, this is a market that I think continues to go back and forth over the longer term, and perhaps on the whims of the crude oil market. Remember that the Canadian dollar is highly levered to the crude oil market, which is in the process of breaking down. If that continues, then I anticipate that the US dollar will rally from here and eventually make its way to the top of the rectangle that I have marked on the chart. On the downside, if we do pull back from here, I think there is plenty of support at the 1.25 level to keep the market afloat. In fact, we have already tried to break the market down below there more than once, both times ending up in significant hammers. As long as that is going to be the case, it looks as if there are a lot of defenders in that general vicinity, and therefore a breach of the hammer from the Tuesday session would be a very negative turn of events, wiping out the 1.24 handle, an opening up a move down to the 1.22 level. Keep in mind that this pair does tend to be very choppy in general, as the United States and Canada do so much cross-border business. Ultimately, this is a market that I think continues to see a lot of back and forth, but it does look like we are trying to find some type of reconciliation to the upside. I do not necessarily see that this market could break out above, but that could be an argument to be made on longer-term charts. In the short term, it is going to be very choppy with an upward tilt.
Long
by SmoothJB
USDCAD LongHello traders, this is my opinion on what will happen next on USDCAD . ➖➖➖➖➖➖➖➖➖➖➖➖ Price is now trending in accumulation area and clearly looking bullish. USDCAD now consolidating on support @ 1.24900 and will rise, so best buy scenario is "buy now" as trend line support area is getting stronger. I expect the price to rise as it already reversed the trend last week. My goal is price to reach resistance @ 1.26000 ➖➖➖➖➖➖➖➖➖➖➖➖ Please use small lot's if you gonna trade on this, always use proper risk management and do more research before opening a position. ➖➖➖➖➖➖➖➖➖➖➖➖ My TradingView Community if you like my idea, please like and follow for support. Also if you have any opinion please write in the comments, always open to new ideas. Thanks for passing by and have a good day traders! ➖➖➖➖➖➖➖➖➖➖➖➖
Long
by pmfxtrade
2
USDCAD LONGUSDCAD - new forecast (nr1) ➖➖➖➖➖➖➖➖➖➖➖➖ This is my expectation on USDCAD this week, i think from next week we will see a bullish trend. Now price had dropped to a strong support level @ 1.24750 where it will stay this week. Best buy scenario is to wait for price to settle around support level @ 1.24750 before going long on this pair. Hopefully we will have a bull chart this months and a good algo trade. ➖➖➖➖➖➖➖➖➖➖➖➖ This is just a note for myself for the next coming week, updates will come along daily. ➖➖➖➖➖➖➖➖➖➖➖➖ Please use small lots if you gonna trade on this idea! ➖➖➖➖➖➖➖➖➖➖➖➖ Please like, comment and share if you like my idea. ➖➖➖➖➖➖➖➖➖➖➖➖
Long
by pmfxtrade
USDCAD LONG - Buy Entry - H4 ChartUSDCAD LONG - Buy Entry - H4 Chart Buy @ Market Symbol: USDCAD Timeframe: H4 Type: BUY Entry Price: Buy @ Market Resistance @ 1.29439 Resistance @ 1.28315 Resistance @ 1.26605 Resistance @ 1.25930 Support @ 1.24867 Support @ 1.24557 ✅ If you liked this analysis, please consider Following and giving it a Thumbs Up 👍 ✅ If you have any feedback or questions, please leave a comment below as I answer each comment 💬 ✅ Wishing you enjoyable successful trading 🙏
ULong
by UnknownUnicorn35780991