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Usdcaddaily

USDCADThe USD/CAD is trading below the important 1.25000 juncture this morning. After rapidly declining below the level before going into the weekend and hitting a low of nearly 1.24500 on Friday, the USD/CAD opened trading yesterday and continued to assault its lower depths and hit a mark of approximately 1.24440. As of this writing, the USD/CAD is near the 1.24800 level, after hitting a high of nearly 1.24970 earlier today. Technical traders will need to look at three-month charts to gain a perspective on the current value of the USD/CAD. In early August and late July, the Forex pair traded within its current vicinity. On the 30th of July, the USD/CAD traded near the 1.24200 juncture, but it should also be remembered that in May and June of this year the pair was traversing within the 1.20000 to 1.21500 range rather comfortably. While technical traders who refuse to look at news events as a factor might not want to hear about it, the fact that energy prices are on the rise and the knowledge that Canada is a major exporter of crude oil and natural gas is certainly a factor within the price of USD/CAD. The broad Forex market has actually been seeing a stronger USD in many cases against other major currencies, and the intriguing prospect that the Canadian dollar is not correlating and is actually the stronger currency makes for a dynamic trading environment short term. The question is how long the USD/CAD can produce results which do not correlate to the broad market. Technically, if the USD/CAD continues to sustain its price below current resistance levels near the 1.25000 level it could prove to be a significant bearish indicator. However, due to the considerable volatility displayed in the USD/CAD the past week, traders should expect the possibility for rather fast reversals higher on occasion.Nervous conditions technically combined with rather exuberant market conditions in the energy sector will likely cause a rather choppy trading range, but there is no denying the trend has been a downward trajectory for the USD/CAD. On the 20th of September, the USD/CAD was trading near the 1.29000 juncture, which serves as a prime example for speculators to contemplate the potential volatility the Forex pair can produce in the span of a few weeks. If current support levels near the 1.24650 to 1.24550 levels begin to be challenged, traders may believe the 1.24400 mark can be targeted. If this lower support ratio sees a test in the short term, it is conceivable the USD/CAD could target lower values near the 1.24200 juncture.
Short
by SmoothJB
USDCAD TrendThe loonie-dollar pair had risen to its highest level in a month the day before, as the US dollar's safe-haven demand was bolstered by a broad risk-off mindset. Concerns about the upcoming federal elections in Canada, as well as low prices for Ontario's principal export, oil, ran parallel. It should be mentioned that rumors that a senior US Senator, Joe Manchin, has pushed out President Joe Biden's $3.0 trillion stimulus negotiations to2022, combined with uncertainties about the debt limit increase, have added to the risk appetite's downside pressure. Janet Yellen, the US Treasury Secretary, has called for another extension of the limitations. Moving forward, early election results and risk catalysts are likely to remain the focus, but second-tier housing data from the United States may potentially entice USD/CAD traders.
Short
by meelbijendra
USDCAD My Prophecy has happened !!Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ On July 20 I posted my analysis on the market and told u that a cup and handle pattern has formed and the market is looking Bullish Then on the 2nd of September, i posted an idea about how the market will probably move for the next period of time, and Today we see that the market moved exactly like I said it would ..... Today The USD/CAD pair added to its strong intraday gains and climbed to one-month tops, further beyond the 1.2800 mark heading into the European session. The market is still showing Bullish signs all over, and if we use the Elliot wave theory we see that we are having an impulsive wave right now that could push the market to the 1.3002 level. Scenario : The market is getting close to the first resistance line at 1.2826 where a battle between the Bears and Bulls will happen and the outcome will probably be in favor of the Bulls. if the price breakout that line then the trend will go on and that which give us a good confirmation that the movement will be headed to the 1.3002 level soon. Technical indicators show : 1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish sign) 2) The RSI is at 63.07 showing Great strength in the market, No divergences were found between the market and the indicator 3) The ADX is at 18.45 showing that the market is gaining more strength but it didn't reach the trending phase yet. A positive crossover is happening between DI+ (28.32) and DI- (14.76) Daily Support and Resistance : support Resistance 1) 1.2759 1) 1.2777 2) 1.2751 2) 1.2787 3) 1.2741 3) 1.2795 Weekly Support and Resistance : support Resistance 1) 1.2651 1) 1.2826 2) 1.2537 2) 1.2887 3) 1.2475 3) 1.3002 Fundamental point of view : The USD/CAD returned to its best level in a month as markets anticipate the Federal Reserve will confirm that a bond taper is planned this year and the close Canadian election is not expected to produce any major policy shift, whatever its political result. That promise of higher US interest rates has been the main support for the US dollar over the past month. Canadian inflation was slightly higher in August than expected though the Bank of Canada core rate was a bit lower than forecast, though it increased over July. In the US, the Consumer Price Index for August showed the first indication that price increases may be slackening. Retail Sales in August rebounded smartly from their decline the month before. Polls for Canada’s federal election on Monday between Prime Minister Justin Trudeau’s Liberals and the Conservatives of Erin O’Toole show neither party winning an outright majority in the 338-seat parliament. According to FXstreet This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !! Thank you for reading.
Long
by GabiDahduh