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Usdcadlong

Bullish Outlook on USDCAD - 11 AugOn the H4 timeframe, there is bullish order flow, with higher lows and higher highs created. A throwback to support zone at 1.3380, which is in line with the 61.8% Fibonacci retracement level, could provide bullish acceleration towards the resistance zone at 1.3580, which coincides with the 141.4% Fibonacci extension level. Price is currently hovering above ichimoku cloud, supporting our bullish bias. Last high of 1.350 on 8 August caused the pullback as an intermediate resistance, and we can start trailing or shifting to breakeven once prices reaches or pushes past this level.
Long
by shermzT
Next week prediction for USD/CADThe USD/CAD currency pair, often referred to as the "Loonie", appears to be on an upward trajectory recently. Several factors contribute to this positive momentum for the US dollar against the Canadian counterpart. Here are the primary drivers behind the bullish outlook: Oil Price Dynamics: CAD is closely linked to crude oil prices, given Canada's significant oil exports. If oil prices face a downturn, the Canadian dollar typically weakens, boosting the USD/CAD. Monetary Policy Divergence: The Federal Reserve's stance and its potential hawkish turns can lend strength to the USD. In contrast, if the Bank of Canada (BoC) maintains a more dovish tone or signals any delays in rate hikes, it could further widen the policy divergence, pushing the USD/CAD higher. Economic Indicators: Recent US economic data has been promising, with employment numbers, GDP growth, and consumer confidence indicating robustness in the US economy. Favorable data can bolster the USD, driving up the pair. Trade Balances: Canada's trade balance, vis-a-vis its exports and imports, can significantly influence the CAD. Any disruptions or deficits can contribute to CAD's weakness, favoring a rising USD/CAD. Technical Outlook: On the charts, USD/CAD might be exhibiting bullish patterns or breaking key resistance levels, which can attract technical traders and further support the bullish momentum. Geopolitical Considerations: Any geopolitical tensions or uncertainties can lead investors towards the safety of the US dollar. As a safe-haven currency, the USD tends to benefit in times of global instability. Market Sentiment: The overall mood of traders and their perceptions based on news, reports, or global happenings can swing the pair. If the sentiment leans towards a stronger USD, it naturally drives the USD/CAD upwards. In conclusion, the USD/CAD pair seems to be showing signs of an uptrend, influenced by both fundamental and technical factors. While the momentum is currently on the upside, traders and investors are reminded to keep abreast of ongoing global and economic developments and exercise due diligence before making trading decisions.
by mazayafx
Usd Cad LongI have identified a potentially bullish move for the USD/CAD forex pair Ascending Triangle Pattern: On the daily chart, the USD/CAD has been forming an ascending triangle pattern. This pattern is characterized by a horizontal resistance level and higher lows, indicating potential bullish pressure building up. A breakout above the resistance level could trigger a strong upward move. Bullish Divergence: The Relative Strength Index (RSI) on the daily chart is showing a bullish divergence. While the price has been making lower lows, the RSI is forming higher lows, suggesting that the bearish momentum is weakening and a potential reversal could occur. Moving Averages: The 50-day moving average (MA) has recently crossed above the 200-day MA, confirming a bullish crossover known as the "golden cross." This crossover signals a shift in momentum and supports the bullish bias. Support Confirmation: The USD/CAD has recently tested and held firm at a key support level , providing further evidence of potential upward movement.
Long
by realtrademaster
USD/CAD Prediction on 25.07.2023In the ever-fluctuating world of foreign exchange markets, the upward trajectory of the USD/CAD pair has recently become a focal point of attention. The pair, symbolizing the value of one U.S. dollar in terms of the Canadian dollar, has embarked on an upward trend, signifying the strengthening of the U.S. dollar relative to its Canadian counterpart. One of the principal contributors to this ascent is the contrast in the economic performance of the two nations. The U.S. economy has rebounded robustly from the COVID-19 pandemic's ravages, bolstered by an aggressive stimulus and vaccination campaign. In contrast, Canada's recovery pace has been somewhat slower, creating a divergence that has, in turn, driven the USD/CAD pair upwards. Additionally, the different policy stances adopted by the U.S. Federal Reserve and the Bank of Canada have been influential. The Fed's ongoing monetary tightening, marked by interest rate hikes and the tapering of asset purchases, has acted as a magnet for global capital flows. In contrast, the Bank of Canada's relatively accommodative stance has resulted in a lesser demand for the Canadian dollar, further amplifying the USD/CAD uptrend. Commodity prices, particularly oil, are another key factor impacting this pair. Canada, being a major oil-exporting country, is directly affected by oil price volatility. The recent unpredictability in oil markets and, more generally, commodity prices, has led to increased uncertainty for the Canadian dollar, providing a further boost to the USD/CAD exchange rate. Investor sentiment and speculation also play a significant role in driving forex trends. The combination of stronger U.S. economic indicators and uncertainty about the Canadian economy has prompted investors to favor the U.S. dollar over the Canadian dollar. This has led to increased buying pressure on the USD/CAD pair, contributing to its upward trajectory. It is worth noting that forex markets are dynamic and subject to rapid changes due to a multitude of factors. Therefore, while the USD/CAD pair exhibits an upward trend at the moment, traders and investors must remain vigilant and responsive to new economic data and geopolitical events. A clear understanding of these dynamics can help market participants anticipate potential shifts in the trend and respond accordingly. Trading in Binary Option po7.cash
by mazayafx
USDCAD to find support at current swing low?USDCAD - 24h expiry Trend line support is located at 1.3125. A lower correction is expected. We expect a reversal in this move. Risk/Reward would be poor to call a buy from current levels. A move through 1.3175 will confirm the bullish momentum. We look to Buy at 1.3125 (stop at 1.3090) Our profit targets will be 1.3215 and 1.3240 Resistance: 1.3200 / 1.3225 / 1.3250 Support: 1.3150 / 1.3125 / 1.3100 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA
1
USD/CAD continues to move higher amid a broad sell-off in commodUSD/CAD continues to move higher amid a broad sell-off in commodity-related currencies. The Canadian dollar remained near 1.35 per USD, as investors were monitoring the latest developments on the monetary policy in both Canada and the United States. The bets increased that the Bank of Canada may be forced to resume its hiking campaign after data showed inflationary pressures remain elevated. Consumer prices rose by 4.4% annually in April, well above market estimates of 4.1% and breaking the streak of 10 consecutive months of slowing inflation amid sharp increases in mortgage costs and rent. Also, in the US, comments from several Fed officials raised expectations that the rates would remain higher for longer. Fed’s Bullard suggested the possibility of raising rates by another half-point this year, while Fed's Kashkari described the decision to pause or hike rates in June as a close call. Canada’s government budget deficit widened to CAD 44.4 billion in March 2023, from CAD 25.7 billion in the corresponding month of the previous year. Revenues decreased by $1.8 billion, or 4.5 percent, largely reflecting the one-time Grocery Rebate announced in Budget 2023. Program expenses excluding net actuarial losses were up $15.7 billion, or 25.3 percent, largely reflecting higher provisions for contingent liabilities and loans, and increased transfers to other levels of government. Public debt charges were up $1.3 billion, or 53.3 percent, reflecting higher interest rates. Net actuarial losses were down $0.1 billion, or 9.3 percent. The government posted a budgetary deficit of CAD 41.3 billion for the April to March period of the 2022-23 fiscal year, compared to a deficit of CAD 95.6 billion reported for the same period of 2021-22. A successful test of the resistance at 1.3640 will push USD/CAD towards the next resistance level at 1.3665. If USD/CAD climbs above this level, it will move towards the resistance at 1.3695. R1:1.3640 – R2:1.3665 – R3:1.3695 S1:1.3600 – S2:1.3565 – S3:1.3530
Long
by DaveBrascoFX
3
USDCAD Prediction on 21.07.2023The USD/CAD pair maintains its bullish trajectory, continuing to showcase an upward trend. This signifies that market participants are expecting a rise in the value of the US Dollar against the Canadian Dollar. The bullish outlook is driven by a combination of factors, such as a robust U.S. economy, favorable interest rate decisions by the Federal Reserve, or potentially weaker Canadian economic indicators. Traders are encouraged to leverage this bullish sentiment, but also remain vigilant of any changes in market conditions, geopolitical events, or economic data releases that may affect the currency pair's trajectory.
by mazayafx
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