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Usdcadbuy

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
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by Thief_Trader
2
USDCAD BUY | Idea Trading AnalysisUSDCAD is trading along the rising support And as the pair will soon retest it I am expecting the price to go up To retest the supply levels above at Hello Traders, here is the full analysis. Price reversal going up, levels for BUY. Great BUY opportunity USDCAD. ! GOOD LUCK! 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 🤝
Long
by TheGrove
3
Canada’s Ivey PMI and Employment Data: Impact on USD/CAD OutlookThe USD/CAD pair faces headwinds due to a strengthening Canadian dollar fueled by rising crude oil prices. This week's release of April employment statistics and Canada's Ivey PMI will provide insights into inflation and economic trends. Additionally, Fedspeak from Thomas Barkin and John Williams will be monitored closely. Recent US data suggesting a cooling labor market could prompt Fed rate cuts, contrasting with expectations of a possible Bank of Canada policy shift in June. The article concludes with a bullish stance on USD/CAD, recommending long positions with entry at 1.36989 and targets up to 1.39110, with a stop-loss at 1.34875.
Long
by signalmastermind
USDCAD Could move 1,064pips up the next month.The reasons why I strongly believe this move will happen are the following: According to the CFTC non-commercials are shorting CAD. Non-commercials have 20,388 positions long and 68,914 positions shorts. This means that they are selling more CAD than they actually buying it. According to this info we could expect a move to the upside. From a monthly perspective there is plenty of buy side liquidity in USDCAD. If you look at the chart you will see two blue circles and a dollar bill between them . Those highs have not been liquidated yet. The price is aggressively chasing those highs. According to the explanation provided the price is extremely bullish because is moving to a strong liquidity area. From monthly perspective the price already liquidates sell side liquidity. If look at the chart you will see a yellow circle . The yellow circle represents the sell side liquidity that was liquidated by the price. The price has bullish structure. The price is making higher highs will doing so liquidating sell side liquidity. There is a lot of optimists about the dollar getting stronger in the near future. DXY has bullish structure. The DXY is currently making a retracement. It is currently at 50%. We could assume that is very close to be ready because it took sell side liquidity as well. In other words, the CAD is getting weaker and the USD stronger.
Long
by Wiiso
2
USDCAD: Asian foreign exchange little changed, dollar steady aheMost Asian currencies traded slim on Monday, even as the greenback steadied close to a two-week excessive as cognizance became to a sequence of vital financial institution meetings, mainly are the Bank of Japan and the Federal Reserve. Strong US inflation readings from final week left investors cautious of any tightening stance from the Fed, even as wonderful wages information and difficult inflation brought about a flurry of hypothesis approximately a whether or not the BOJ will stop its ultra-free guidelines this week.
Long
by Chart_MasterPro
USDCAD Trade IdeaMarket Analysis: USDCAD on the Daily Time Frame The USDCAD currency pair has exhibited a notable upward trend on the daily time frame. This trend is characterized by a consistent pattern of higher highs and higher lows, indicating bullish momentum. Additionally, there is a clear breakout (BoS) to the upside, further supporting the bullish bias. As we anticipate a retracement in price, it’s essential to consider the impact of upcoming calendar events throughout the week. These events can introduce volatility and potentially influence the pair’s movement. Given the technical context, my bias leans strongly toward a bullish entry near the fifty percent Fibonacci retracement level. I recommend placing a wide stop-loss at 1.34400 to allow for market fluctuations. Our target should align with the previous highs as we capitalize on the ongoing bullish trend. Remember to monitor the economic calendar closely and adjust your strategy accordingly. Happy trading!
by fxtraderanthony
USDCAD BUY | Day Trading AnalysisHello Traders, here is the full analysis. Price reversal going up, levels for BUY .. GOOD LUCK! Great BUY opportunity USDCAD I still did my best and this is the most likely count for me at the moment. Support the idea with like and follow my profile TO SEE MORE. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝 Patience is the If You Have Any Question, Feel Free To Ask 🤗 Just follow chart with idea and analysis and when you are ready come in THE GROVE | VIP GROUP, earn more and safe, wait for the signal at the right moment and make money with us💰
Long
by TheGrove
1
USDCAD BUY | Day Trading AnalysisHello Traders, here is the full analysis. The completed correction, hint at the continuation of growth. GOOD LUCK! Great BUY opportunity USDCAD I still did my best and this is the most likely count for me at the moment. Support the idea with like and follow my profile TO SEE MORE. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝 Patience is the If You Have Any Question, Feel Free To Ask 🤗 Just follow chart with idea and analysis and when you are ready come in THE GROVE | VIP GROUP, earn more and safe, wait for the signal at the right moment and make money with us💰
Long
by TheGrove
1
USD/CAD LONG from 1.3473 USD/CAD has broken through the neckline of a W pattern and has the look of heading higher. The price is now above all significant EMA's that are now grouped on the H1 time frame and its the same story on the H4 time frame. With no significant news until tomorrow's US CPI numbers at 13:30 GMT , there shouldn't anything that would encourage USD/CAD BEARS so the WR1 pivot at 1.3530 looks a reasonable target though we're not likely to get there until well into tomorrow. STOP is under the recent lows 1.3449.
Long
by forextraplaces
4
USDCAD → Bottom of Trading Range! Looking for Long Entry.USDCAD is at the bottom of a trading range and near the Weekly 200EMA which acted as good support in the last bull trend opportunity from July to October. Now that we're here, should we long? How do we trade this? 🤔 We almost have enough price action to justify a long entry. Longing now would be maximally risky because we don't have a good buy signal bar yet. You could enter now with the understanding that every time we've hit these levels since September 23, a long as been profitable. I prefer more confirmation and thus, more probability before entering a trade. I think we need at least a good strong buy signal closing in the 131.300 - 131.600 range. With this signal, we can enter a trade a 1:2 Risk/Reward Ratio to the top of the trend. Wait for a couple more Daily candles to show such support before longing. Until then, lets be patient on the sidelines! 💡 Trade Ideas 💡 Long Entry: 132.665 🟥 Stop Loss: 130.000 ✅ Take Profit: 138.000 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Trading Range after Bullish Price Action, Bias to Long. 2. Near Trading Range Support and Weekly 200EMA, Look for Entry. 3. Look for Test of Support before Entering a Trade. 4. Target 1:2 Risk/Reward, Stop Loss below 200EMA, Take Profit at Top of Range. 5. RSI at 39.00 and below Moving Average. Needs to Fall More before Long. 💰 Trading Tip 💰 Trends typically have three legs in either direction. Signals of a reversal include strong buy or sell bars with large wicks, higher highs and lower lows get weaker, and responses to the reverse direction get stronger. Confirmation lies with double and triple bottoms with a strong candle closing on or near its low/high. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
Long
by TraderEngineering
USDCAD Trade IdeaThe USDCAD has reached a pivotal juncture,reaching into a critical resistance level. While the larger trend remains firmly bullish, I anticipate a temporary pullback before seeking an optimal entry point. 1D Balance Area: As you can see on the attached chart, price has formed a significant balance area on the daily timeframe at the accumulation phase. A Fibonacci retracement drawn from the low to the high reveals a confluence zone around the 61.8% level potentially offering a high-probability entry point for opportunistic longs. Note: This analysis is for educational purposes only, and I'm not dispensing financial advice. Always conduct your own due diligence before making any trading decisions.
Long
by fxtraderanthony