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USD/CAD H4 | Potential RSI bearish divergenceUSD/CAD is trading close to an overlap resistance and could potentially reverse off this level to drop lower. Sell entry is at 1.3796 which is an overlap resistance (a potential RSI bearish divergence has been identified). Stop loss is at 1.3866 which is a level that sits above an overlap resistance. Take profit is at 1.3701 which is a pullback support that aligns with the 23.6% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Short
by FXCM
USD/CAD trade setups as Canada's inflation report loomsUSD/CAD sits just below a known level heading into Tuesday’s Canadian inflation report, providing a potential setup for bulls or bears depending on the price action evolves. 1.3792 is the level in question, acting as both support and resistance on multiple occasions earlier this year. Sitting less than 10 pips away, how the price interacts with the level before or after the inflation data should inform you on what setup to choose. With RSI (14) and MACD providing bullish signals on momentum, the path of least resistance appears higher near-term. If we were to see the price break and hold above 1.3792, longs could be initiated with a stop below for protection. Possible targets include 1.3947 or 1.39777, two levels coinciding with former market peaks. Alternatively, if the price were to be rejected at the level, you could sell with a stop above for protection. Potential targets include 1.3708, 1.3647 or 200-day moving average. With nine consecutive bullish daily candles, equalling the run seen in July, it’s safe to assume near-term positioning in stretched in favour of USD longs, suggesting an upside surprise in the inflation report may deliver the greatest market impact. Another bullish candle on Tuesday would make this the longest winning streak since 2017. Good luck! DS
by FOREXcom
USD/CAD – Bearish Reversal Ahead?In this investment analysis, we are looking at USD/CAD, which is approaching the completion of a Harmonic Bat pattern, with the potential reversal zone (PRZ) around 1.3785 acting as a significant resistance level. After a strong rally from point C, price is now testing this critical area, suggesting a possible short-term correction or bearish reversal. The TDGMA indicates that the market is nearing overbought conditions. This adds further weight to the bearish reversal thesis, as historically, price has corrected after reaching such levels of overextension. 1. Sell from Point D (Bearish Reversal) Rationale: The Bat pattern is known for its reliability in forecasting reversals after reaching point D. With price now facing resistance at 1.38 zone and a nearby downtrend line, the odds favor a bearish reversal. The confluence of resistance and the completion of the pattern strengthen the case for a downside move. Entry: Sell after pattern confirmation and the appearance of a reversal candlestick near the 1.3785 resistance. Take Profit (TP): 1.36450 (above key support zone) Stop Loss (SL): 1.38 (above immediate resistance) The Bat pattern's completion, coupled with the strong resistance at 1.3785 and the overbought signal from the TDGMA, points to a high probability of a bearish reversal. This makes the short setup from point D a highly reliable and profitable strategy. Watch closely for confirmation before entering!
Short
by MrVNpt
2
USD/CAD Analysis: Exchange Rate Rises for Seven Consecutive DaysUSD/CAD Analysis: Exchange Rate Rises for Seven Consecutive Days Data shows that USD/CAD has formed seven consecutive bullish candles since 3 October, and today could mark the eighth in this sequence. This strong rise in the pair has been driven by the strengthening of the US dollar amid several fundamental factors. Media reports suggest that traders are reassessing the likelihood of further Federal Reserve rate cuts after yesterday’s inflation data release (as reported by Forex Factory): → Core Consumer Price Index (CPI) month-on-month: actual = 0.3%, expected = 0.2%, previous = 0.3%; → CPI month-on-month: actual = 0.2%, expected = 0.1%, previous = 0.2%; → CPI year-on-year: actual = 2.4%, expected = 2.3%, previous = 2.5%. Market participants may be speculating that the Fed will hold off on further monetary easing. Will the US dollar continue to strengthen against the CAD? Technical analysis of the 4-hour USD/CAD chart shows that: → The RSI indicator remains above 80, a rare occurrence in 2024; → The price is nearing the upper boundary of a descending channel (drawn from key reversal points marked by arrows); → The price is below the 1.3800 level, which acted as support in August but was broken, suggesting potential resistance. These technical factors point to the possibility of at least a bearish correction from overbought levels after a 2% rise in USD/CAD from its October low. The long upper wicks on recent candles further support this idea. Bears may attempt to take control with the release of key news today: → 15:30 GMT+3 – Canadian labour market data; → 15:30 GMT+3 – US Producer Price Index (PPI) data. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
1