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Usdcadforecast

USDCAD is going to Tank down but when..So to break this trade down down properly I started by looking on the daily time frame and saw there was a bullish liquidity purge, came down to our 1H time frame to confirm that we are indeed inside of a order block and to be clear about this particular setup its the "Holy Grail" or Elliot wave pattern. To see things a little more clear I've used the 15 or 5 MIN time frame to spot out the distribution and accumulation phases and liquidity has been swept from March 19th. I'd look for a 5 Min entry at 1.36127 and target the very bottom consolidation at 1.34558. SL at 1.36146. To maximize any profits trail stop losses!! secure the BAG and good luck!
Short
by Charliepips11
18
USDCAD SHORT 414.8 PIPS READ DESCRIPTIONThe analysis for USD/CAD (US Dollar paired with Canadian Dollar) indicates that the price is currently at a historical daily resistance level, ranging from 1.36000 to 1.36330. This level has served as a significant barrier to price movement in the past, suggesting a potential area of selling interest for the currency pair. To further support this analysis, data from the previous week regarding big player and investor activity is considered. It's noted that there were a total of 82,909 short positions and 45,761 long positions taken by investors. This data indicates a bearish sentiment among investors, with 36% of positions being short and only 14.8% being long. Given that the daily resistance level coincides with the level at which big players have put short positions, it adds further credibility to the resistance zone and strengthens the bearish outlook for USD/CAD. In terms of trading strategy, two target prices are set for this trade. The first target price (TP1) is set to capture potential profit if the market follows through with a downward movement. If the market reaches TP1 and continues to move lower, the trade should be closed for a profit. However, if the market reverses and starts moving higher after reaching TP1, the trade should be closed at the second target price (TP2) to mitigate losses. The expected gain from this trade is 414.8 pips, indicating the potential for a significant downward movement in USD/CAD if the resistance level holds. By setting clear target prices and managing risk effectively, traders aim to capitalize on potential market movements while protecting their capital. In summary, the analysis suggests a bearish outlook for USD/CAD, with a historical daily resistance level acting as a significant barrier to price movement. By considering investor data and implementing a well-defined trading strategy, traders aim to profit from potential downward movement in the currency pair while managing risk responsibly.
Short
by MOAZAM1133
USD/CAD taps 1.36, mean reversion due?At the end of January we highlighted the potential for USD/CAD to retrace back to its 50% level and print a swing low. It worked out well - although the 1.36 target did not arrive as soon as hoped. Still, it reached that key level on Wednesday - and it is a level that remains of interest. Not only did prices fail to close above the 1.36 handle and weekly R2 pivot, but the area also lands around a prior congestion zone and high-volume node from the previous trend lower. And as RSI (2) reached oversold by Wednesday's close, it suggests a potential pullback - at least over the near-term. US PCE inflation is an obvious risk event that could send USD/CAD (and the dollar in general) in either direction. But with volatility expected to be lower heading into the event, perhaps we'll get a cheeky pullback now as we head towards it. Bears could enter short with a stop above the high and seek mean reversion to the weekly R1 pivot. Or step aside and wait for the PCE data to print; hot figures likely send USD/CAD above 1.36 whereas a refreshingly weak report could send it below 1.350.
Short
by CityIndex
USDCAD BUYUSD/CAD moves downward to near 1.3470 during the Asian session on Thursday, extending its losses for the second successive day. The Canadian Dollar (CAD) likely found support from rising Crude oil prices. West Texas Intermediate (WTI) crude oil prices edge higher, reaching close to $81.70 by the time of reporting. This increase may have bolstered the CAD, as the United States (US) Energy Information Administration (EIA) announced a second consecutive week of declines in Crude inventories, indicating strong demand in the world's largest oil consumer.
Short
by Senorita71
USDCAD WEEKLY ANALYSIS Hello, traders here is an analysis of USDCAD as you can see the market has been neutral for the past weeks and months and now I am waiting for the market to decide on which direction it chooses. I have two decisions first, if the market decides to go up I will wait for It to break the resistance zone then retest it then I will look for buying opportunities, Second If the market chooses to go down I will wait for it to break the support zone then retest it then I will look for selling opportunities.
by dlaminisya
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 tradingwithanthony
USDCAD Trading Plan - 20/Feb/2024Hello Traders, Hope you all are doing good!! I expect USDCAD to go Down after completing this correction. Look for your SELL setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea.
Short
by For3xScalper
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
USDCAD Long Term buying Trading IdeaHello Traders In This Chart USDCAD HOURLY Forex Forecast By FOREX PLANET today USDCAD 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 CHART 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 ForexPlanet20
3
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
USD/CAD still selling offEarlier I posted a USD/CAD SHORT trade which was unforunately blocked because of a TV house violation I was unaware off bit one that I fully understand. I had an initial target for this trade at 1.3492 which we have reached. There's no sign that this pair have finished selling off following the major Retail Sales shock out of the US. Core Retail Sales were expected in at +0.2% but missed by an astonishing 8 points to come in at -0.6%. This has seriously impacted all USD pairs and as I'm in this USD/CAD SHORT I see no reason to close the position just yet. My next target is 1.3470.
Short
by forextraplaces