Canadian Dollar Historic Long(Futures)
This is the CoT index of Commercials(Blue) and Retailers(Green). As you can see, Commercials are in the high extreme and Retailers are in low extreme of the index. The vertical blue lines are the past identical situations which ended up in big rallies.
Plus, when the retailers net position(green area) is around -8000 (the dotted green line) resulted in rallies also.
On top of that Commercials net positions(the blue area) is close to the all time high (since 2001). the last time Commercials net positions were this high was May 2017 which ended up in a BIG rally.
Besides, the 15-year seasonality shows bottom of the market around the end of June and top of the market around the end of July.
Keep in mind that this is the Canadian Dollar futures chart which is the inverted of USDCAD of Forex chart.
Usdcadshort
USD/CAD Correction before next upward rally(6/8/2024)USD/CAD FX:USDCAD has been trapped into a curve, we can see few back and forth movements since last month. Since the NFP data was quite good, we believe the price will move another wave upward after some corrections.
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(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
USDCAD - Awaiting Breakout Amid Key Economic Data ReleasesThe USDCAD pair is currently forming a wedge-type pattern, indicating a period of consolidation that typically precedes a significant price movement. The forthcoming Non-Farm Payrolls (NFP) and Consumer Price Index (CPI) data releases will be critical in determining the direction of the breakout.
---------------------Key Levels:--------------------------------
Strong Support: 1.36000
Medium Resistance: 1.37500
Strong Resistance: 1.38500
Current Market Sentiment:
At this juncture, we maintain a neutral bias on USDCAD, given the potential for either bullish or bearish developments contingent on upcoming economic data.
________________Technical Indicators:__________________
Support and Resistance Analysis: The pair is testing critical support at 1.36000. A break below this level could signal a bearish trend, targeting lower levels as the market reassesses USD strength.
Wedge Pattern Formation: The wedge pattern suggests an imminent breakout, though the direction remains uncertain pending economic data.
Volume Analysis: Observing volume spikes during the breakout will be essential to confirm the direction of the trend.
_____________________Potential Scenarios__________________
Bullish Scenario:
Trigger: A breakout above the medium resistance at 1.37500.
Implication: If USDCAD breaks and sustains above 1.37500, it could pave the way for a continuation towards the strong resistance at 1.38500.
Target: 1.38500 and potentially higher if bullish momentum persists.
Action: Monitor for buy signals upon confirmation of the breakout with increased volume.
Bearish Scenario:
Trigger: A breakdown below the strong support at 1.36000.
Implication: A decisive move below 1.36000 would likely initiate a bearish trend, with the potential for accelerated selling pressure.
Target: Lower levels, possibly revisiting the next significant support zones around 1.35000 and 1.34000.
Action: Consider sell signals if the price breaks below 1.36000, ensuring confirmation through sustained lower price action and volume.
Conclusion:
USDCAD is poised at a critical juncture within a wedge-type pattern. The upcoming NFP and CPI data releases are expected to provide the necessary catalyst for a breakout. Traders should remain vigilant and ready to react to a confirmed breakout above 1.37500 for a bullish trend or below 1.36000 for a bearish trend.
Recommendation: Maintain a neutral stance until the price action dictates a clear direction. Utilize stop-loss orders to manage risk effectively and be prepared to adjust positions based on the market response to the upcoming economic data.
Disclaimer: This report is based on current market conditions and is intended for informational purposes only. It does not constitute financial advice. Always conduct your own research or consult with a professional before making trading decisions.
USDCAD tm:1hHello traders.
I hope you doing well.
These areas are based on my personal strategy and I will share it with you.
Open a sell position on the supply area or open a buy position on the demand area.
Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account.
But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading.
I hope you will achieve maximum continuous profit with me by using supply and demand areas.
Good luck traders.
Mohammad Goodarzi
USDCAD: First red day in the backside moveHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion)
Monday DAY 1 Opening Range
Tuesday DAY 2 Initial Balance
Wednesday DAY 3 (reset DAY 1) Mid Point Week
Thursday DAY 2
Friday DAY 3 Closing Range ✅ Day 2 cycle
2. SIGNAL DAY
First Red Day ✅
First Green Day
3 Days Long Breakout
3 Days Short Breakout
Inside Day
3. WEEKLY TEMPLATE
Pump&Dump ✅
Dump&Pump
Frontside
Backside
4. THESIS:
Long: secondary, I saw many times monday placing the high low of the week (opening range), and market coming back into that level for a breakout, pullback, continuation into the original trend, however, considering the market overall in the backside move, counter trending (as a scalp), will be my second option if a buy low opportunity is presented.
Short: primary, first red day, yesterday the HOW failed and started dropping down with interesting bearish momentum. Waiting the news release before looking for a sell high opportunity, going to stop traders long from Tuesday.
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
USD/CAD SHORT from 1.3725My positions SHORT EUR/USD and GBP/USD have been closed as its evident that SELLERS are now pushing the USD south.
With that in mind, I'mnow SHORT USD/CAD.
I was looking for this pair to reach the WR1 weekly pivot at 1.3744 but it now looks like this was a level too far and price has reversed 9 pips short of that target.
RSI on H1 has been over 70 for several hours and in the last 2 hours we've seen it fall to its current level of 55.
MACD has crossed south on H1 and the Andean Oscillator red SELL line has lifted away fro zero and is now reading .0005.
All the signs are that we are headed lower and hopefully I can get a decent + pip STOP on this trade before key news is released at 13:30 this being Prelim GDP and Unemployment Claims followed by Pending Home Sales 90 mionutes later.
If these number come out green then the USD will rise and this trade will exit for a profit but if the numbers come out red then this trade will accelerate to the downside and may reach the main target which is 1.3660 where there is a band of support.
The overall structure of USD/CAD remains BULLISH whilst we remain above 1.3660.
Should 1.3660 break then 1.3600 wil come into play.
USD/CAD SHORT from 1.3660USD/CAD has been declining since last week and shows not sign of finding support.
The Andean Oscillator on the H1 time frame turned BEARISH towards the end of last week and with no obvious levels of support we can expect to see the price of USD/CAD drift lower to 1.3588 area where BUYERS may well lie.
A look at the H4 time frame is revealing.
All 4 EMA's (25/50/100/200) are grouped together and the price is now below this group.
This means that USD/CAD BULLS would have to push through all these EMA's to head north and this seems unlikely in the absence of key drivers.
THe only news on the horizon comes at 15:00 tomorrow with the CB Consumer Confidence which is not generally a big move so if this print disappoints then we can expect to see USD/CAD decline at a faster rate.
The D1 time frame suggests we could be headed for the 200 EMA at 1.3570.
If this key level breaks then there's nothing to stop USD/CAD heading much lower but any significant CAD or USD news would set the agends for this pair.
With the Bank Holiday price action will be slow so I expect to see a gradual but steady decline with this pair.
USDCAD moving lower this week**Monthly Chart**
USDCAD is moving within a large range between 1.30000 and 1.40000 level since Oct 2022 as per monthly chart range.
**Weekly Chart**
The pair is still moving within the range after creating a weekly key reversal around the relative equal highs. The obvious move is to downside at least to test demand zone around 1.32000 level.
**Daily Chart**
The expectation for this week is that USDCAD will push lower from previous swing high level. We need to see a pullback reaction before taking the price lower. Next target will be to break the previous swing low below 1.36000 level.
USDCAD - Long from bullish order block ✅Hello traders!
‼️ This is my perspective on USDCAD.
Technical analysis: Here we are in a bullish market structure from 4H timeframe perspective, so I look only for long position. I expect price to make a retracement to fill that huge imbalance and then to reject from bullish order block.
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USD-CADThe USDCAD creates a support level at 1.36200. There is also a vertical downward trendline that touches three times its trendline, which may drain the market downward. If the market holds this support level then the market goes upward to the trendline. But if the market breaks this support zone then the market goes downward to the 1.35600 level.
USDCAD - Bearish continuation ✅Hello traders!
‼️ This is my perspective on USDCAD.
Technical analysis: Here we are in a bearish market structure from 4H timeframe perspective, so I look for a short. I expect bearish price action to continue after price rejected from bearish order block + trendline. My target is imbalance lower.
Fundamental news: Tomorrow (GMT+3) we will see results of Unemployment Rate on CAD, news with high impact on currency.
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USDCAD (Bearish idea)USDCAD appears to be going bearish at this time. Due to the 2 strong impulses and small correction. I will go short on this pair ONLY if the following criteria is met.
- Price returns to the previous level of support with candlestick confirmation
- Fibonacci levels enter the 61.8% zone.
*always remember to use proper RISK MAANGEMENT*
Sell USDCAD Channel PatternThe USD/CAD pair on the M30 timeframe presents a possible shorting opportunity due to the presence of a channel pattern.
Potential Short Trade:
Entry: Consider entering a short position (selling) only after a confirmed breakout below the support trendline of the channel. Ideally, this would be around 1.3750 or lower if the price continues to decline after the breakout.
Target Levels:
1.3652: This target is achieved by measuring the height of the channel (distance between the resistance and support lines) and projecting it downwards from the breakout point.
1.3607: This is a further extension of the downside target, based on roughly twice the height of the channel.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the channel, ideally with some buffer around 1.3770. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
the price is trading below the Ichimoku cloud USDCAD SHORTThe sell zone seems solid as the price has been rejected multiple times in the past. I do notice that the price is trading below the Ichimoku cloud, which is a good sign of bearish momentum. Let's see how this plays out.
Potential Trade Opportunity:
Currency Pair: USDCAD
Position: long
Risk to Reward Ratio: 3R
Trade Parameters:
SellLimit:
Entry Point: 1.37301
Stop Loss: 1.37363
Take Profit: 1.37107
Disclaimer:
This trade signal is provided for informational purposes only and does not constitute financial advice. Trading in the forex market involves substantial risk, and past performance is not necessarily indicative of future results. The provided entry, stop loss, and take profit levels are based on analysis at the time of publication, but market conditions may change rapidly, leading to losses. Traders should conduct their own research and consider their risk tolerance before executing any trades. We do not guarantee the accuracy or completeness of the information provided, and we shall not be liable for any losses incurred in connection with this trade signal. It is recommended to consult with a qualified financial advisor before making any investment decisions.
USDCAD | Short H4 | Market Exe | Loonie to Ride the GreenbackTechnical Confluences for Trade:
- Stochastics are in Overbought Conditions on H1 & H4 time-frame
- Price action is at a Supply Zone area
- Price action may reverse towards the ascending support Trendline
- Targeting the 38.2% Fibo retracement
Suggested Trade:
Entry @ Area of Interest 1.3760 - 1.3800
SL @ 1.3854
TP 1 @ 1.3697 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 1.3611
Risk-to-Reward @ Approx. 2.12 (Depending on Entry Level)
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Disclaimer: The above suggestion is an personal opinion in general and does not constitute as investment advice. Any decisions taken based on the above suggestion is purely your own risks.
Any websites / brokers / applications suggested here are also provided as informational purpose only.
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usdcad shortThe Canadian Dollar (CAD) eased against the Greenback on Tuesday after the American market session kicked the day off with a risk-off push after US wages outpaced expectations. Investors are gearing up for the US Federal Reserve’s (Fed) latest rate call, slated for Wednesday
USD/CAD is the forex ticker that represents the US Dollar-Canadian Dollar currency pair. The USD/CAD rate, as indicated on the live chart, shows traders how many Canadian Dollars are required to buy one US Dollar. Follow the USD/CAD chart for live prices and stay up to date with the latest USD/CAD news, forecasts and analysis. Our expert industry insights will give you the edge to conduct thorough fundamental and technical analysis to trade this popular currency pair
USDCAD - Confluence for a buy ✅Hello traders!
‼️ This is my perspective on USDCAD.
Technical analysis: Here we are in a bullish market structure from daily timeframe perspective, so I look for a long. There is a confluence of arguments for a buy, is if price continue the retracement to fill the imbalance and then rejects from trendline + S/R zone + institutional big figure 1.36000.
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USDCAD | LT Short D1 | Oil to power CAD StrengthPair: FX:USDCAD
Timeframe: D1 - Long Term (LT)
Direction: Short
Technical Confluences for Trade:
- Stochastics are in Overbought Conditions on D1, H4 and H1 time-frames
- Price action is at the top-end resistance of a parallel channel
- Horizontal trendline looks like a supply zone across few periods
- Aiming for the 32.8% Fibo Retracement with 23.6% as the TP 1 level
Fundamental Confluences for Trade:
- A strong oil story from ongoing geopolitical risks is a strong story for CAD's economy to remain their hold on interest rates while US's reflation story has been priced in by markets
- Risk is further war escalation from the Israel-Iran tension which continue the rush to safe-havens like USD or JPY.
Suggested Trade:
Entry @ Area of Interest 1.3750 - 1.3850
SL @ 1.3898
TP 1 @ 1.3640 (TP Half-Position & move SL to Entry level for B/Even once TP1 is achieved)
TP 2 @ 1.3567
Risk-to-Reward @ Approx. 2.08 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
Sell USDCAD Head & Shoulder PatternUSD/CAD H1 Chart - Potential Short Entry Based on Head and Shoulders Pattern
The USD/CAD H1 chart might be presenting a shorting opportunity based on a possible Head and Shoulders pattern.
Pattern: Head and Shoulders (Bearish Reversal)
Description:
This pattern consists of three peaks: a left shoulder, a higher middle peak (head), and a right shoulder that is lower than the head.
A neckline is drawn connecting the swing lows before the left shoulder and the right shoulder.
If the price dips below the neckline (support level), it could signal a potential sell entry.
Profit Targets: Potential profit targets can be based on the height of the head (measured from the head to the neckline) projected downwards from the breakdown point. Technical indicators can also be used for profit targets.
Thank you.