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Usdcadshort

CAD CPI could trigger next wave downThe previous CAD CPI data marked a significant turning point, with CAD having a 2 week hangover and the basket of major currencies getting a wild ride against the weakened CAD. Could we see the opposite this time around? USD is seeing significant strength against the basket but is starting to look ripe for a pullback. If we see another strong day for USD on monday, pushing USDCAD into the cluster of pre vious activity between 1.36000 - 1.36500, we could be primed for a significant pullback in USD strength and the CAD CPI might just be the catalyst for a major leg down to back below 1.34500. Of course, don't trade blindly, wait to see if the setup occurs, see the CPI numbers and how the market reacts. This is a very specific scenario, but if we are in that 1.36000 range when the numbers are released Tuesday, I'll be very quick to enter short if the market sees intraday downside momentum.
Short
by HayeTrading
6
USD/CAD moves to daily low: Ivey PMI retreats less than expectedThe Ivey Purchasing Managers Index (PMI) in Canada, which measures the month-to-month variation in economic activity, dropped to 56.8 (seasonally adjusted) in April from 58.2 in March. However, this was a smaller drop than the market had expected, with the consensus forecast at 54.8. Following the release of the data, USD/CAD initially moved towards daily lows but later largely ignored the figures. The pair was last seen trading modestly higher on the day at 1.3615. However, the USD/CAD is still in a bearish trend, and the recent price action suggests that the pair could resume its decline. Furthermore, the USD Index is trading within a tight range in the low-101.00s, and the loss of 101.00 could expose a move to the year-to-date low. TRADE IDEA DETAILS CURRENCY PAIR: #USDCAD CURRENT TREND: Bearish TRADE SIGNAL: ↘️Sell 👉ENTRY PRICE: 1.3590 ✅TAKE PROFIT: 1.3470 ❌STOP LOSS: 1.3660 This bearish outlook for the USD Index could also put downward pressure on the USD/CAD pair. Therefore, a sell signal is recommended for the USD/CAD pair. #ForexTrading #TradeSignals #TechnicalAnalysis #RiskManagement
Short
by RichDadph-FX
USDCAD 4hr TF After an uncorrected 350 pips rise, a pullback is necessary for USDCAD to swing bullish and surpass recent highs of 1.38060. I anticipate that the currency pair will react in the 1.36654 - 1.36844 area, which I find to be of high interest. Within 12 days, USDCAD has increased by 2.63%, but I am expecting a 1% pullback before it moves higher. Several confluences, including the structure, decline trend line, incline trend line, and reversal point, suggest that USDCAD will hit the area of interest within the next two trading days. Furthermore, I anticipate a bullish -0.27 target Fib.
Short
by ChartStrategist
1