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Usdcadtradeidea

USDCAD - UNDER DOWNWARD PRESSURE - 4HUSDCAD / 4H TIME FRAME HELLO TRADERS Currently, prices are trading below the resistance trend line and the turning level at 1.361. This sets the stage by identifying that the price is under a key resistance line and turning level, specifically at the 1.361 level. The resistance line acts as a ceiling preventing further upward movement. As long as trading remains below this level, a decline is expected, potentially reaching 1.354 and 1.350. Here, you're forecasting a possible downward trend. If prices don't break through 1.361, the expectation is for them to move lower, first targeting 1.354, and possibly continuing to 1.350. These levels are likely key support level where the price could find temporary stability. However, breaking this level would indicate a rise toward 1.370. This section shifts the focus to an alternative outcome. If the price breaches the 1.361 resistance, it would signal the start of an upward movement, aiming for the next key level at 1.370. To confirm an uptrend, it is necessary to break through this level, which would then target the next level at 1.374. Finally, you're stating that for a true and sustained uptrend to be confirmed, the price must break through 1.370. Once this happens, the price is expected to head towards the next resistance level at 1.374. UPWARD TARGET : 1.370 , 1.374. DOWNWARD TARGET : 1.354 , 1.350.
Short
by ArinaKarayi
USD/CAD Faces Resistance Above 1.35; CAD GainsThe CAD has recently shown appreciation against the USD, and there's a historical resistance for the USD/CAD pair breaching above the 1.35 mark. Short-term technical trends also favor the CAD, and the 1.3495/1.3500 zone is a significant support. Breaking this support could lead to a quick decline towards the 1.34 area. This, combined with recent economic data, suggests a potential short position. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bearish for USD (Bullish for CAD) TRADE SIGNAL: SELL 👉ENTRY PRICE: 1.3495 ✅TAKE PROFIT: 1.3400 ❌STOP LOSS: 1.3525 TRADE PLAN: Enter a short position at the 1.3495 mark. Monitor the trade and adjust the stop loss to break-even once the price moves favorably by around 50% of the expected range. Watch out for any significant news events or economic data releases which might impact the USD/CAD pair. FINAL THOUGHTS: This trade idea is based on both technical and fundamental analysis. While CAD shows signs of strength, it's essential to monitor the trade closely due to potential volatility from external economic events or unexpected news. Always trade responsibly and never risk more than you can afford to lose.
Short
by RichDadph-FX
USD/CAD Gains Strength Amid Key Economic Events, BoC and US ISMThe USD/CAD pair is trading near 1.3640, shrugging off bullish oil price trends. The Bank of Canada is expected to keep rates stable at 5.00%, while mixed U.S. economic data keeps the USD strong. Market focus is on the upcoming U.S. ISM Services PMI and BoC rate decision for clearer directional cues. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bullish TRADE SIGNAL: Conditional Buy 👉ENTRY PRICE: 1.3670 ✅TAKE PROFIT: 1.3720 ❌STOP LOSS: 1.3620 ANALYSIS: The USD/CAD pair has shown resilience amid multiple economic variables, particularly favoring the USD. U.S. economic indicators remain strong despite recent factory orders data, and Fed Governor Waller's hawkish comments have bolstered the USD. The BoC is also likely to keep its rate unchanged, making the Canadian Dollar less appealing. TRADE PLAN: Enter a buy order only if USD/CAD crosses above 1.3670, confirming the break of technical resistance. Set a take profit order at 1.3720, aligning with the next resistance level. Place a stop loss at 1.3620 to mitigate potential downside risk. Monitor economic data releases like U.S. ISM Services PMI and BoC rate decision for potential market shifts. Execute the trade on a 1-hour timeframe for short-term analysis and trade management. FINAL THOUGHTS: Given the USD strength, mixed economic data, and anticipated BoC rate decision, a conditional buy signal seems most appropriate. However, traders should be cautious of sudden shifts due to upcoming data releases and geopolitical factors. It is imperative to stick to the trade plan, particularly the entry point and stop-loss mechanisms.
Long
by RichDadph-FX
1
USD/CAD Holds Ground Near 1.3500 Amid US Dollar RevivalThe USD/CAD pair is holding firm around 1.3500, despite weak US economic data for July. Awaiting insights from the Jackson Hole Symposium, the US Dollar Index continues to climb. Meanwhile, the Canadian Dollar is affected by falling oil prices. Scotiabank sees USD-bullish trends but cautions the currency is overbought. Key resistance and support levels are identified. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bullish TRADE SIGNAL: Buy 👉ENTRY PRICE: 1.3520 ✅TAKE PROFIT: 1.3600 ❌STOP LOSS: 1.3490 ANALYSIS: The current trend for the USD/CAD pair is bullish, supported by the USD's rebound and Canadian Dollar's pressure due to declining oil prices. The support level of 1.3500 has proven strong, and the trend oscillators indicate a USD-bullish sentiment. FINAL THOUGHTS: This trade capitalizes on current bullish trends in the USD and pressures on the CAD due to oil price dynamics. The Jackson Hole Symposium and subsequent economic announcements should be closely monitored, as they may significantly impact the currency pair's movement. Attention to the overbought signals and resistance levels will be key to successful trading within this setup.
Long
by RichDadph-FX
USD/CAD Surges Amid a Robust US Dollar and Softening Oil PricesThe USD/CAD pair witnessed a surge amid a resilient US Dollar and dropping oil prices. The Canadian Dollar was impacted by weak employment figures and the decline in oil prices, a crucial export product. Meanwhile, the US is bracing for persistent inflation, with headline and core CPI remaining steady. The financial landscape is further complicated by potential policy shifts by central banks. Both nations' economic health indicators paint a complex picture that drives the USD/CAD dynamics. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Upward due to USD resilience and weakened Canadian Dollar (CAD) from declining oil prices TRADE SIGNAL: Buy 👉ENTRY PRICE: 1.3475 ✅TAKE PROFIT: 1.3575 (Potential 100 pips gain targeting the next psychological resistance level) ❌STOP LOSS: 1.3425 (A 50 pips risk if the USD loses strength or Canadian economic outlook improves) ANALYSIS: USD Strength: USD's strength is apparent due to expected stubbornness in US inflation, which may hint at a Federal Reserve interest rate hike. CAD Weakness: The softening oil market and weak labor data in Canada exert downward pressure on CAD. Market Sentiment: Bearish sentiments in the US equities and S&P 500 futures may continue to feed into USD's resilience. Technical Indicators: The currency pair is at a critical level, and the upward trend seems to have room to continue, given the current economic indicators. FINAL THOUGHTS: This trade idea is based on current economic indicators and market sentiment, favoring a short-term upward trend in the USD/CAD pair. As with all trading activities, continued vigilance and adherence to risk management strategies are essential.
Long
by RichDadph-FX
USD/CAD Navigating Sideways Trading and Bearish MomentumThe USD/CAD pair has been exhibiting a bearish trend, and technical momentum remains unfavorably oriented for the USD. The recent attempts at a recovery from around 1.3100 were met with resistance near the 20-period daily Exponential Moving Average (EMA) at 1.3230. This suggests selling pressure and a potential continuation of the downside move. Fundamentally, the US Dollar has been weak due to a lack of supportive fundamentals, including subdued retail demand and the Federal Reserve's ongoing fight against inflation through interest rate hikes. On the other hand, the Canadian Dollar has shown some strength, supported by easing inflationary pressures in Canada, which allows the Bank of Canada to keep interest rates steady. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bearish TRADE SIGNAL: Sell 👉ENTRY PRICE: Approximately 1.3220 ✅TAKE PROFIT: Around 1.3077 ❌STOP LOSS: Near 1.3265
Short
by RichDadph-FX
USD/CAD Faces Resistance at 1.3300 Amid Market CautionThe USD/CAD currency pair encountered strong resistance around the 1.3300 level during the New York session. This resistance was influenced by factors such as a cautious market sentiment, negative expectations for second-quarter corporate earnings, and a decline in the US Dollar Index (DXY) despite the anticipation of interest rate hikes. Additionally, the Canadian Dollar received support from rising oil prices, further impacting the currency pair's dynamics. Market Analysis: The S&P500 is expected to open on a negative note as investors adopt a cautious approach, considering the upcoming corporate earnings season. The anticipation of subdued earnings is primarily attributed to the Federal Reserve's decision to raise interest rates and the tightening credit conditions implemented by commercial banks. These measures aim to maintain asset quality amidst a potentially turbulent economic environment. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bearish TRADE SIGNAL: SELL 👉ENTRY PRICE: Approximately 1.3300 ✅TAKE PROFIT: Around 1.2500 - 1.3000 ❌STOP LOSS: Approximately 1.3400 Economists at Société Générale have analyzed the Canadian Dollar's outlook and anticipate a decline in the USD/CAD pair below the 1.30 level. The relative rates between the US and Canada are likely at their peak for the current economic cycle, which should support the CAD going forward. While the possibility of further tightening by the Federal Reserve and potential rate hikes by the Bank of Canada may prevent a rapid movement, Société Générale expects a return to a trading range of 1.25-1.30 for USD/CAD by the end of the year.
Short
by RichDadph-FX
USDCAD - Wedge with Long Term SupportEveryone is watching the shorter-term wedge on Ucad. Some are betting on the bounce and others on a breakdown to lower prices. The safer big money bet is waiting for long-term support and building a position trade to hold for weeks, possibly months. Nice returns with less stress. More beach time. Additional Note: if you are trading a more significant equity account (i.e., $10m+), these long-term support levels are excellent price points to jump in with minimal slippage. The algos typically size in larger positions at these levels and create a nice liquidity flow. Patience wins the race. As always, trade safe, trade smart... -Riff
by riffster21
USDCAD Entries + Exits! REVERSE IS GUARENTEED IF PLAYED CORRECTHow To Play The Chart Entries/Exits: Buy at green support entry, if it breaks by -35 pips (count it out) then enter a sell and ride to TP1, 2 and 3. Trail stop at each TP which means place your stop loss in profit but with enough room to be able to continue the sell if it continues. Same thing at resistance, sell but if broken by 35 pips then enter the buy and ride to TP1. Each TP is a support or resistance zone , so you could then even take a sell after TP1 for the buys have been hit and if it breaks out then just repeat. All likes/comments and feedback are very much appreciated! Thank you to all of those who support me on a weekly basis, it really does mean a ton to me!
by ExclusivelyFX
2