USD/CAD Daily AnalysisAfter 9 consecutive bullish daily closes, USD/CAD printed a Shooting Star candle after retesting the broken daily trendline. There is potentially some downside to follow if we break the low.
CADUSD trade ideas
USDCAD BearishUSDCAD is showing trend reversal at 1H timeframe price has broken its support level, therefore the trade plan is to short.
USDCAD Big DownTrend ConfirmedWe were waiting for a 1hour candle close below our level and we just got it. I expect a retracement before we drop off hard. Look at my previous trade idea post and this chart for more information.
Let me know your thoughts below.
Usdcad short trade ideaHello everyone, I've identified a fresh supply zone in the USD/CAD pair, and the location is quite appealing.
As always, it's essential to apply proper money management and never trade without placing an appropriate stop-loss. Remember, trading is a game of probabilities, so your success should be measured over a series of trades, not just one.
Guys always read this quote.It will help you mentally."I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime. Even people who lose money in the market say, 'I just lost my money, now I have to do something to make it back.' No, you don't. You should sit there until you find something.” “Jim Rogers:
Thanks!
USDCAD SWING SELLPrice is currently selling from weekly supply zone. Expect USDCAD to sell to weekly low
USDCADCurrently on USDCAD on the daily timeframe you can see that price just reached the CSD and immediately respected it, and also the price is above the true month open, which is another advantage and also, we are waiting for the daily candle close so that so that target the previous day low which my influence price to go down, hopefully we also close below the previous week high, then head for its lows
USDCAD 10/15-10/21Simple correction of the bullish movement. Could retrace to the .618 line, but in the names of risk management and profit preservation, we'll target the 50 yard line.
USDCADUSDCAD is in reversal zone.
Big bearish divergence also shown in RSI.
We wait for further confirmation.
If it will break the last HL then we will enter into the trade.
USDCAD - Candle Stick trading- Long Market is in bull trend, forming series of HH and HL. market is taking corrective move and it can bee seen that, after strong bearish move, inside bar is formed followed by inverted hammer which implies that selling pressure has been absorbed. now we are taking long position.
USD/CAD Day Trading Analysis With Volume ProfileOn USD/CAD , it's nice to see a strong buying reaction at the price of 1.3763.
There's a significant accumulation of contracts in this area, indicating strong buyer interest. I believe that buyers who entered at this level will defend their long positions. If the price returns to this area, strong buyers will likely push the market up again.
GAP + Uptrend and high volume cluster are the main reasons for my decision to go long on this trade.
Happy trading
Dale
USD/CAD Post Data (Trade Plans)Rising away from Key Moving Averages, USDCAD has rallied back towards highs.
Slight rejection in the last couple of HRS. Looking to maintain short bias for a while.
USDCAD_1Whello 👋
📊Analysis of the Canadian dollar Long-term time frame Elliott wave analysis
The market is moving in the 5th big wave and can break the ceiling of the triangle and register a new ceiling in the last 25 years. Long-term time support 1.34000 The first target is 1.44444 The second target is 1.50000
Are you ladies and gentlemen seeing this USDCAD? 9 green days!Hi everyone,
This is going to be a sell for a 5x profit which would be a move to the 50% pullback region from this humongous uptrend. I am actually rather confused by it.
USDCAD Potential Drop after rejection from crossing of ResistancUSDCAD has been steadily climbing since the start of October, with nine consecutive bullish days. The price has now reached significant levels on both the weekly and daily timeframes. However, as it nears the resistance area, the candles are shrinking, signaling a potential loss of momentum. Zooming out, it's evident that the price has dropped from the 1.38500 resistance multiple times in the past. This suggests the potential for at least a short-term pullback. If a rejection candle forms, we could expect the price to move lower. Given that today's news is packed with CAD-related data, volatility is expected, possibly leading to large wicks in both directions. The target is the support level at 1.36650
USDCAD longer term Shorts, consecutive candle ideaThis is a simple stats based short idea, the consecutive candle count is nearly at a new record high, last time it was this high was back in 2017 so these opportunities don't come up often. Mean reversion is coming so let's make some hay while the sun shines :)
Start entering shorts now and then enter more if it goes higher, don't go crazy mind, it's all about risk.
You can see a new custom indicator I've been working on.
USDCAD remains overbought into CPI Intraday Update: Ahead of the Canadian CPI today the USDCAD continues its "overboughtness" as the gravity pull of the CAD is undeniable. Technically, the RSI remains overbought intraday for over a week and the next upside target remains at 1.3836. Only back below the 1.3720 would take the downside pressure off.
USDCAD on the edgeWith the triple CPI news at 2:30PM, we're really confident to say that USD is taking a huge bump, leading USDCAD to a new lower low.
Lingrid | USDCAD short Trade after RESISTANCE rejectionFX:USDCAD has been moving steadily upward since the beginning of October, making nine consecutive bullish days. The price has reached significant levels on both the weekly and daily timeframes. As it approaches the resistance area, it appears to be running out of steam, with the candles shrinking in size, indicating a loss of momentum. Upon zooming out, we can see that the price tanked from resistance at 1.38500 multiple times. I expect the market to form at least a short-term pullback. If we see a rejection candle, we can expect the price to move lower. However, given that today is packed with CAD news, it's possible that the market will be volatile, leading to significant wicks up and down. My goal is support level at 1.36650
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
SELL USDCAD.In my opinion, it is possible to think about selling USDCAD from this area. In my opinion, these two situations can happen. It should be seen what number of Canadian inflation will be announced. If the announced number is less than the predictions, it may go up to 1.3850, but if it is more than the predictions, it can fall from here.
good luck
Canada’s job growth sparkles but Canadian dollar fallsThe Canadian dollar can’t find its footing and is trading at nine-week low against the US dollar. In the North American session, USD/CAD is trading at 1.3792 at the time of writing, up 0.21%. The Canadian dollar has recorded eight straight losing sessions and is down 1.9% in October.
The week ended on a high note, as Canada’s employment growth jumped by 46.7 thousand, crushing the market estimate of 27 thousand and sharply higher than the August reading of 22.1 thousand. Full-time employment surged by 112 thousand, following a decline of 43.6 thousand in August, while the unemployment rate dropped from 6.6% to 6.5%.
The impressive numbers couldn’t stop the Canadian dollar’s nasty slide but it will please Bank of Canada policymakers. The central bank has shifted its primary focus from inflation to risks to the labor market, now that inflation has been largely contained. In August, CPI dropped to 2%, its lowest level since February 2021.
The BoC meets next week and has a tough decision to make. The drop in inflation raised the odds of a 50-basis point cut but Friday’s employment report was stronger than expected and supports the case for a modest 25-bps cut. The BoC has been aggressive in its rate-cutting cycle and has lowered rates three times this year in a bid to ease the pressure of elevated rates.
The Federal Reserve has been late to the rate-lowering party, delivering its first rate cut in September. Still, the oversized 50-basis point cut in September signaled that the Fed means business and isn’t afraid to slash rates with large cuts. The Fed is expected to trim rates by an additional 50 or 75 basis points before year’s end. The most likely scenario is rate cuts of 25 bps in both November and December. The Fed could, however, deliver one more 50-bps cut if employment or inflation numbers are lower than expected.
USD/CAD has pushed above resistance at 1.3758 and is testing resistance at 1.3790. The next resistance line is 1.3817
1.3731 and 1.3699 are the next support levels
USDCAD short moveIf price should break our support level, we cloud see more bearish move towards our target area.
USD/CAD Powering Higher Ahead of Canadian CPI NumbersMonth to date, the USD/CAD currency pair (US dollar versus the Canadian dollar) is up 2.0% and testing monthly highs.
Monthly Price Action Suggests Further Upside Ahead
The monthly timeframe exhibits scope to explore higher terrain until reaching resistance at C$1.3945, following a rebound from a support zone around C$1.3534. Technically, the pair has been hampered by said resistance since October 2022. However, sellers have been largely unwilling to commit, thus suggesting an eventual breakout to the upside and shining light on another layer of resistance at C$1.4193.
Daily Resistance Could Hinder Buying
Meanwhile, price action on the daily timeframe shows the unit testing the mettle of resistance coming in at C$1.3795. Beneath here, a decision point area is seen at C$1.3692-C$1.3717, while a break above current resistance could have the currency pair knocking on the door of a resistance zone between C$1.3877 and C$1.3866. Although the monthly timeframe suggests a break above daily resistance is likely, the daily chart's Relative Strength Index (RSI) has recorded overbought conditions.
Shorter-term flow on the H1 timeframe, as you can see, has been working closely with picture-perfect trendline support since the beginning of October (extended from the low of C$1.3472). As of writing, buyers and sellers are squaring off just south of C$1.38 (the figure) and neighbouring resistance at C$1.3810; note also that upside momentum has slowed since last Thursday.
H1 Structure is Key
While monthly flows suggest further outperformance, the daily timeframe’s resistance at C$1.3795 (and the RSI indicating overbought conditions) may concern buyers. To help determine short-term direction, H1 trendline support and C$1.38 will be key levels to watch.
A noteworthy break above the big figure (and C$1.3810 resistance) would imply bullish strength (in line with monthly flow), and continuation moves toward at least H1 resistance from C$1.3848. At the same time, defending H1 resistance and prompting a breakout below the H1 trendline support indicates daily resistance may invite profit-taking and a possible dip to at least H1 support from C$1.3735 or C$1.37 (the figure).
