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Usdcaddaily

USDCAD: stuck in a narrow range!Earlier today, the Japanese Government released updated forecasts, revealing that consumer inflation is expected to reach 2.6% in the current fiscal year. This is an increase from the previous forecast of 1.7% in January, and it surpasses the Bank of Japan's target of 2%. Additionally, the Government revised the economic growth forecast for the current year to 1.3%, down from the initial projection of 1.5% in January. It is anticipated that inflation will fall below the Bank of Japan's target range in 2024, with a forecasted rate of 1.9%.
Long
by Sphyn-Trader
3
USDCAD: Today!The USD/CAD exchange rate is uncertain around the 1.3170-80 level early on Wednesday morning in Europe. Although the downtrend has paused for now, traders are still looking for more evidence to support buying the Canadian dollar against its US counterpart, especially after a slow Asian session. On one hand, Canada's inflation numbers were disappointing, while the US Retail Sales data and a decline in WTI Crude Oil prices (Canada's main export) may attract buyers of the USD/CAD pair. On the other hand, positive market sentiment and concerns about the Federal Reserve's dovish stance are likely pushing the exchange rate higher.
Long
by Sphyn-Trader
16
USD/CAD breaks to a 9-month low, 1.3000 in focusCanadian consumers want to have their inflationary cake and eat it, with a hot retail sales report bolstering bets that the BOC could hike again at their next meeting in July. Whilst a hike is not yet a given, the BOC did deliver a hawkish hike earlier this month - and with consumers continuing to spend, it keeps the pressure on the BOC for further hikes. Yet a weaker USD - seemingly on the back of Jerome Powell's testimony not being hawkish enough - helped USD/CAD break to a 9-month low. The daily chart shows that is closed near the lows of the day after falling through a major zone of support. It's interesting to see the daily low found support at the September VPOC (point of control), so perhaps we'll see a minor bounce before losses resume in the direction of the breakout. The bias remains bearish beneath 1.3270, but we'd prefer to seek bearish setups o lower timeframes beneath Tuesday's low to increase the potential reward to risk ratio But if bears maintain their grip on USD/CAD, a break to new lows brings the 1.3000 handle into focus over the coming weeks.
Short
by CityIndex
USDCAD Long US jobs indicator signals early signs of stress, CAD rides positive momentum after BoC hike Bearish momentum accelerates as CAD continues positive momentum – ‘death cross’ and major support will be tested nitial jobless claims out of the US flashed another early warning signal regarding the otherwise robust job market. 261 thousand people were newly unemployed as of the week of 3 June and represented the second time in recent prints that the data point exceeded estimates. As a result, the dollar sold-off, seeing an extended move to the downside for USD/CAD The pair now shows renewed downside momentum and has broken beneath the longer-term channel that has contained the majority of price action. In fact, the move now tests the long-term trendline support that has witnessed multiple tests, none of which were successful. The ‘death cross’ - circled in orange – provides further indications of a bearish continuation from here. A daily and weekly candle close below the trendline would naturally have bears looking at 1.3230 as the next level of support with the level coinciding with the November 2022 swing low. Breakouts often retrace to retest support/resistance and so a true test of a potential bearish breakdown would be a successful test of the trendline which would effectively become resistance, and subsequent selling thereafter. Should CAD momentum wane and the US dollar look to claw back lost ground, a hold of trendline support will be key. If the bearish momentum were to falter, 1.3503 would be the next level of interest with an invalidation of the bearish viewpoint around 1.3600 and 1.3650. The weekly chart reveals the 61.8% and 50% Fibonacci retracements of the major 2020 to 2021 sell-off - roughly the zone that has been housing price action for the last quarter of 2022 and 2023 this far. Canadian employment data may attract a few more eyes than normal given the uptick in US initial jobless claims yesterday – which caused a notable response in the dollar and highlights FX market’s sensitivity to incoming data. Next week crucial US inflation data provides another opportunity for core inflation to finally move below the recent 5.5% - 5.7% multi-month range. A softer inflation print could see downward revisions in future rate expectations and may see the USD/CAD head even lower from here. After the RBA and BoC surprised markets with hikes in June, could the Fed follow suit? In my opinion I think it would be a tough ask, given how vocal prominent members of the Fed have been about voting to forgo a hike next week with the possibility of a hike in July should the data necessitate one. The Fed will also release its quarterly summary of economic projections which ought to provide markets with a better idea of the economic outlook. US PPI will also factor into the inflation conversation but any surprises there will need to be factored into next month’s FOMC meeting. Granted USD/CAD has been sideways for months, but conditions could be getting ripe for a trend. USD/CAD is testing vital converged support around 1.3220-1.3320, a break below which could clear the way for a drop initially toward the psychological 1.3000, potentially toward the August low of 1.2725. Moreover, the IG Client Sentiment (IGCS) shows 70% of retail traders are net-long with the ratio of long to short at 2.3 to 1. The number of traders net-long is a whopping 74% higher from last week. RSI above 200. Trend Bullish. The Canadian dollar may have just received the boost to extend gains against some of its peers, thanks to the Bank of Canada’s (BOC) hike on Wednesday. BOC hiked its overnight rate to a 22-year high of 4.75%, saying “concerns have increased that CPI inflation could get stuck materially above the 2% target.” The central bank, however, dropped the April language saying it “remains prepared to raise the policy rate further”, making it more data dependent. Markets are pricing in another rate hike in July, with the terminal rate seen at 5.15% by the end of the year.
Long
by DaveBrascoFX
1
USDCAD Potential ReversalIn my opinion, USDCAD appears to be showing signs of a potential reversal as it forms a falling wedge pattern on the 1-hour timeframe, with the current price finding support at a specific level. The falling wedge pattern typically indicates a bullish reversal, suggesting that the downward momentum may be weakening. Considering this pattern and the support level, traders might consider a potential long position on USDCAD. However, it's important to manage risk effectively. Setting a stop loss at 1.3276 can help limit potential losses if the market moves against the anticipated reversal. Additionally, a take profit level of 1.3439 can be considered as a target to capture potential gains. Looking forward to read your opinion about it.
Long
by TopgOptions
USDCAD Daily Long Term Buying IdeaHello Traders In This Chart USDCAD DAILY Forex Forecast By FOREX PLANET today USDJPYD analysis 👆 🟢This Chart includes_ (USDCAD market update) 🟢What is The Next Opportunity on USDCAD Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
Long
by forexplanet797
USDCAD: The influence of USDThe BoC takes a more dovish path The Bank of Canada flagged areas sensitive to rising interest rates like the housing sector. The BoC noted that housing activity has fallen sharply and household spending is falling. Furthermore, in the released statement prior to the Q&A BoC’s Macklem stated that the tightening phase will draw to a close, ‘but not there yet’. He added that they expect growth to fall in the next few quarters. As a balance to this statement, the BoC still stated that policy interest rates will need to rise further to counter elevated inflation. The Council also repeated that the bank’s preferred measure of inflation (core) is not showing meaningful signs of price pressure easing. So, this means the BoC is starting to start thinking about slowing the path of rates. This is a more dovish stance from the BoC and should allow the CAD to weaken somewhat over the medium term. After the rate statement, Governor Macklem highlighted that he expected a ‘significant slowing of the economy to occur’.
Long
by Jiren-SphynChannels
1
USDCAD: US Dollar's position as the primary global reserve curreThe Return of the Sellers Over the past two decades, the US Dollar's market share has declined from 71 percent to 59 percent, and it may continue to reduce further in the future. This has a negative impact on the United States since global currency usage is a zero-sum game. When other currencies like Yuan, real, or Rupee are used in global trade, the US Dollar is left out. If other currencies gain more prominence, it may compromise America's dominance in the global market.
Short
by Jiren-SphynChannels
USDCAD: Nice entry for Buy-er!Fundamental Overview If the Federal Reserve meeting were held today, it is likely that they would maintain the current interest rates due to the ongoing uncertainty surrounding the banking sector. However, it's important to note that market conditions can change rapidly. If the upcoming weekend remains stable without any urgent need to rescue failing banks, there is a good chance of a 25 basis points rate hike. The Federal Reserve tends to increase rates until economic instabilities arise. In the case of only SVB, persistently high inflation could trigger further rate hikes. This would result in a stronger US Dollar, which could eventually lead to a decline in stock markets once the relief rally surrounding no new bank failures subsides. Plan trade in the intro
Long
by Sphyn-Trader