Get started

Usdcaddaily

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
USD/CAD could be nearing the end of its retracementA double top formed this month around a 50% retracement level on the daily charts ahead of its latest pullback. And it is interesting to note that the market tends to react around the 50% level. The double top could actually be part of a 3-wave retracement, and that retracement could be nearing completion. We saw a strong rally into the January high, hence the bias for an eventual continuation of that move. Bulls could look for a swing low to form around 1.3350 - which is near a high-volume node and another 50% level, and initially target the January highs - a break of which brings 1.36 into focus.
Long
by CityIndex
1
Trade idea: Canadian inflation data tomorrow On Tuesday, February 20, Canada will unveil the latest inflation data. It is anticipated that headline annual inflation will decrease to 3.2%, marking its first deceleration since October 2023, compared to December's figure of 3.4%. Bear in mind, the Bank of Canada's previously indicated that they expected inflation to persist near 3.5% until mid-2024. The forecasts obviously suggest a slight easing. Various commercial banks offer a range of forecasts too. ING predicts 3.1%, Wells Fargo anticipates 3.2%, National Bank Financial (NBF) estimates 3.3 to 3.4%, CIBC forecasts 3.3%, and Citi expects 3.4%. On the chart. the USDCAD faces challenges breaching the 1.3500 resistance line, but it currently hovers just above a supply zone and right on the threshold of its bullish trend line. The next potential targets are in the range of 1.3530 to 1.3550, with December high at 1.3620, just above this. It's worth noting that both Canada and the US observe bank holidays on Monday, which could lead to reduced trading volumes.
by BlackBull_Markets
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
USDCAD SELL ON REJECTION !!HELLO TRADERS!! As i can see after a big downtrend on USDCAD now a retrace done and its showing rejection here at this level again also you can see it is unable to break the trend line and US $ weakness is the ongoing.. Wars ahead around the middle east escalating more and more which is not good for US $ friends charts are clear like diamond our risk and reward ratio is great on this given analysis lets see what markets bring to us its just and trade idea share ur thoughts with us and for more updates Stay tuned
Short
by APEX_TRADING_ACADMEY
USDCAD Looking BullishIn the existing downtrend of the USDCAD currency pair, there is a distinct possibility that the exchange rate may approach and test the support level at 1.31142, unless there is a significant breakthrough in market dynamics. The technical analysis of the market structure points towards a potential pullback, implying a temporary reversal in the prevailing downward movement. This setup could be viewed as an opportunity for traders to consider initiating buy positions. Buying at the support level involves anticipating a rebound or a corrective move in the exchange rate. Traders often look for confirmation signals, such as candlestick patterns or other technical indicators, to strengthen the rationale for entering a trade. It's important to note that trading decisions should be made based on a comprehensive analysis of various factors, including technical, fundamental, and market sentiment indicators. Additionally, risk management strategies should be employed to mitigate potential losses in case the market does not behave as anticipated.
Long
by HUMCRYPTOCLUB
USDCAD Technical Analysis And Trade Idea Recently, the USDCAD has demonstrated a strong downward trend, touching a significant support level on both daily and weekly charts. In the accompanying video, a detailed examination of this trend is presented, carefully analysing price movements and identifying possible trading opportunities through a thorough analysis across multiple timeframes, ranging from weekly to as short as 15 minutes. Anticipate a comprehensive review covering price variations, market trends, trend evaluations, and crucial technical analysis components. It's crucial to emphasize that the information shared here is purely for educational purposes and should not be considered as financial advice.
Short
by fxtraderanthony
7 Dimension Analysis For USDCAD🕛 TOPDOWN - Anticipating a Bullish Breakout in a Super Consolidation Phase Overview: The market has been in a super consolidation phase from 2016 to 2023, forming a yearly flag, signaling a potential continuation. Monthly and weekly scenarios reveal a ranging market, seemingly dull, but with indications of a change. The Wyckoff spring on the weekly chart signals a shift from a downtrend to a pre-breakout buildup, suggesting upcoming momentum and volatility. 😇 7 Dimension Analysis Time Frame: Daily 1️⃣ Swing Structure: Bullish to sideways 🟢 Structure Behavior: Break of Structure (BoS) 🟢 Swing Move: Impulsive sideways buildup 🟢 Inducement: Done, inside low confirmed. 🟢 Pull Back 1st: Strong, with the mitigation of the 1st Order Block (OB), a robust bull signal. 🟢 Internal Structure: Sideways bullish. Confluence across daily, weekly, monthly, yearly time frames. 🟢 Support/Demand Area: An imminent buy area. Trendline marked for a bullish breakout. 2️⃣ Pattern 🟢 CHART PATTERNS Reversal: Potential rounding patterns; internal round may form at the support level of 1.3520. 🟢 CANDLE PATTERNS Key Considerations: Observing candle behavior at the forthcoming support area. 3️⃣ Volume: At 1.3572, significant buy volume, marking a potent Point of Interest (POI) for bullish entry. 4️⃣ Momentum RSI: 🟢 Momentum State: Sideways zone. 🟢 Range Shift: Bullish to sideways. 🟢 Overbought Rejections: Count of 2. 5️⃣ Volatility Bollinger Bands: 🟢 Middle band below the price, a preferable position. 🟢 Commencement of a squeeze. 🟢 Completion of a head fake, indicating potential bullish movement. 🟢 Puncher pin at the lower band, a bullish signal. 6️⃣ Strength: USD is stronger than CAD at this point. ✔️ Entry Time Frame: Daily ✅ Entry TF Structure: Bullish ☑️ Current Move: Corrective move is done, and a churn in H1 (Hourly) suggests potential momentum. ✔ Support/Resistance Base: Daily demand area. ☑️ Candles Behavior: RSC, Long wicks, Doji, Momentum. ☑️ FIB Trigger Event: Confirmed. ☑️ Final Comments: Buy Now. 💡 Decision: BUY. 🚀 Entry: 1.3620 ✋ Stop Loss: 1.3540 🎯 Take Profit: 1.4049 2nd Exit if Internal Structure Changes, 3rd Trendline Breakout, FOMO. 😊 Risk to Reward Ratio: 1:5 🕛 Expected Duration: 30 DAYS SUMMARY: The analysis strongly suggests a bullish breakout in a market transitioning from super consolidation. With confluence across various time frames and supportive indicators like the Wyckoff spring, there's a comprehensive bullish bias. Key focus areas include a significant demand zone, observable candle behavior, and the completion of a head fake in the Bollinger Bands. The strategy involves a confident buy entry with clear risk management and exit criteria.
Long
by Optimum369
15