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Usdcadsetup

USDCADThe US dollar has pulled back a bit during the trading session on Wednesday after the Federal Reserve raised interest rates by 50 basis points. This was widely expected, so that was knocking to move the needle much. That being said, the market is likely to continue to see a lot of questions asked as to where we are going to go in the future, but I think at this point we are more likely than not going to continue to see more of the same back-and-forth that we have over the last several months. Quite frankly, not much has changed as the 1.29 level has held quite significantly. Underneath, the 1.25 level is massive support, so the fact that we are at the top of the range should not surprise people in the sense that it has turned things around. If we were to break above the 1.29 level, then it would be very bullish for the US dollar, but it should be noted that the crude oil market was very strong during the day, and therefore I think it is very likely that we drift lower from here. I would not necessarily suggest some type of meltdown, just a continuation of the overall range-bound trading that we had seen. In other words, I think is going to be more of the same. Keep in mind that this pair does tend to be very choppy as the two countries do so many cross-border transactions, but if you are a range-bound trader this might be the best place to be right now. We have clearly defined levels that we can pay close attention to, and as long as that is going to be the case I see no reason to fight what could be a very lucrative market. You need to be a bit cautious about overextending yourself because we do get the occasional violent move, but at this point, it is obvious that there are buyers and sellers at very distinct points on this chart, which is part of what makes it so interesting. I do not see this market breaking out, but if we were to clear the 1.30 handle, then we could start moving to the upside, in a very dangerous “risk-off” type of situation. You would probably see the oil markets under serious pressure at the same time.
by SmoothJB
USDCAD We could see 150 pips move as soon as tomorrowThere is a good chance that we see this pair trade between 1.2850 and 1.2695, this are important levels that are align with significant structure. I will be conducting a multi time frame analysis to give you a good perspective of the possible move that could happen as soon as tomorrow April 29,2022. Monthly The price is currently trap between supply and demand. Currently the price is retesting the supply zone. We could expect a rejection to the downside because this a significant level. Short term move to the downside is most likely to happen . Weekly: The price is currently rejecting a trendline that it has been respecting since 21Dec2020. This trendline is also align with the important supply zone that we can clearly see from a monthly perspective. A movement to the downside is most likely to happen according to this time frame. Daily The price has created an impulsive move leaving crystal clear imbalance in price, there is a high probability of a retracement coming up to make the price efficient. This impulsive movement is testing a supply zone which give us another strong confluence that the price is close to make the retracement. Also, the price is trading above average in this scenario is likely a push short from institutional perspective.
Short
by Wiiso
USDCAD | Good Buy Opportunity. Get in!When it comes to the technical analysis of USDCAD, you might get an impulse to the upside. Based on my technical analysis , there aren't many supports till the Target 1. So you may use this as a buy opportunity. If you are going in, better find a pullback. I have marked a good entry area on the chart; you may use it as an entry area; which used to be a support area . And also don't forget to place the stop just below the entry area. What do you think is more likely to happen? Please share your thoughts in comment section. And also give a thumbs up if you find this idea helpful. Any feedback & suggestions would help in further improving the analysis. If you find this technical analysis useful, please like & share our ideas with the community. Good Luck! Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Long
by maxprofwizard
USDCAD SHORTS 📉📉📉Expecting bearish price action on USDCAD as price rejectes a bearish orderblock H4 area filling on it's way the bearish imbalance. We are in a bearish market structure from a HTF(higher time frame) premise and we should go lower from there, another bearish confluence is that price made the shift in strucutre from bullish into bearish (bos - break of structure area) price moved below the last low and retraced lower then the last high. What do you think ? Comment below..
Short
by AnonimFXRO
USDCAD | Still Uptrend | Might get a Retracement.When it comes to the technical analysis of USDCAD, it is still in uptrend and likely to get at least 250 Pips to the upside. However, based on the current scenario, there is a good chance price might try to get a pull back before it move to the upside; which could be approximately 150 pips and it is a good short opportunity as well. But I don't recommend you to trade against the trend. If you are planning to go short, better place the stop above the R1. And also, if price breaks the below demand area don't go long. What do you think is more likely to happen? Please share your thoughts in comment section. And also give a thumbs up if you find this idea helpful. Any feedback & suggestions would help in further improving the analysis. If you find this technical analysis useful, please like & share our ideas with the community. Good Luck! Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Long
by Maxproftrade
1