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Usdcadsignal

USDCAD STILL HOLDING SHORTS UPDATE!Firstly I apologies for my voice I'm currently trying not to lose it LOL, anyway I've still got my short trade open but moving stops to breakeven, we seen price get a bit choppy Friday and I do expect weakness from the dollar... so a sell off or push down on USDCAD I feel is coming, the hard part is getting the best position with the lest risk. Ill monitor price at the start of the week and if I get stopped at break even I will start to map out next short areas.
Short
by jamison_fx
12
UsdCad- Great R:R medium term tradeUndoubtedly, since mid-March, CAD has dominated the market, and with USD has strengthened more than 2500 pips, reaching a local low at 1.2 at the end of May. A first leg of correction has followed and a new drop after this. However, this new drop has found bids in 1.23 zone and we have 2 Doji candles on our weekly chart that can signal a higher low is in place. I expect a new leg up from UsdCad and the price could reach and test 1.3 resistance. Such trade can have a 1:5 risk to reward ratio and is negated with a daily close under the last recent low
Long
by Mihai_Iacob
8
USD/CAD Analysis ahead of BOC monetary policy and rate decision.Today bank of Canada will publish its monetary policy and rate decision. Overnight rates are expected to be unchanged. The Bank of Canada may leave all policy levers unchanged today. But it's essential to watch what governor Tiff Macklem says during her statement today. The inflation rate is currently at an 18-year high in Canada. Moreover, supply pressures could lead prices up further, with transportation contributing most recently as gasoline continues its climb towards record levels. Higher gasoline price is helping CAD against all the major currencies as a commodity currency. That's a positive sign for the Canadian economy as well as CAD. How should the Bank of Canada React? The BOC is expected to continue trimming back its bond-buying program. Governor Marklelm calls "the reinvestment phase," where they keep a stable amount of funds invested in bonds while buying only enough new ones each year that are set to mature. This will tighten monetary conditions, nudging up yields for those who invest with them but not likely be enough alone if inflation continues at this rate or higher. Governor Macklem may even suggest earlier interest rate hikes than Q2 2022 when things seem incredibly tight right now. So, based on all the fundamental factors together, CAD is still strong enough. Moreover, CAD will be more robust in the upcoming days because several financial parameters support Canada. But, as BOC is expecting to unchanged its monetary policy, USD/CAD may spike upside first, and then it will drop again to the 1.2300/1.2280 or below price zone. Technical View: If the monetary policy is unchanged from the present rate, our upside target is 1.2480/1.2500. Breaking above 1.2500, our final target is the 1.2580/1.2600 price zone. But, if BOC delivers a too dovish speech, we will continue our buy order till 1.2700/1.2720 price zone. On the other hand, if BOC delivers an unexpectedly hawkish statement, USD/CAD might drop below 1.2280 to 1.2200 price zone very soon. Though inflation is rising in Canada, gasoline price, asset purchase, and optimism in rising bank rate will benefit the CAD.
by Gold_Trading_Expert
USDCAD pivotal points (long term sell)USDCAD previously rejected a major support/resistance level as well as a weekly fib level and the weekly 200ema. The way i trade is from one major level to another, so the next tp is 1.20255. But before that, i knew that price could stop and react to this 1.2300 support level , which it did. i entered after seeing the 1H and 4H charts were illustrating a rising wedge , which is a sign that price is indeed going back up, temporarily. The rsi on both timeframes was below 30 (oversold) and the rsi on the 4h was even showing divergence . I took opportunity of this retracement to what’s most likely a fib level to enter a short term buy before we continue down. Once the buy TP is reached, i’ll look for signs of rejection and take it back down to the original sell TP .
Short
by FrenchIvory