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Canadian Dollar / U.S. Dollar

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USD/CAD Long Prediction based on S&R as well as Price ActionThe USDCAD currency pair, which represents the exchange rate between the US dollar and the Canadian dollar, is currently exhibiting a bearish trend. Over the past few weeks, the pair has consistently made lower lows and lower highs, indicating a prevailing downward momentum. This bearish sentiment has been influenced by a combination of factors, including shifts in monetary policy, economic data releases, and fluctuations in oil prices, which have a significant impact on the Canadian dollar. A closer examination of trendlines on higher timeframes—such as the daily and weekly charts—reveals critical support levels that could indicate a potential reversal. Recently, USDCAD has approached a key support trendline that has historically provided a floor for price action. This trendline, drawn from significant swing lows, offers a crucial area for buyers to step in. If the price reaches this level and shows signs of stabilization or a reversal pattern, it could signal the end of the current bearish phase. Moreover, analyzing the higher timeframes reveals that the recent bearish move may be losing momentum. Indicators such as the Relative Strength Index (RSI) are approaching oversold territory, suggesting that the selling pressure may be waning. This divergence between price action and momentum indicators often precedes bullish reversals, providing further evidence that a significant bullish move could be imminent. Additionally, market sentiment appears to be shifting, with traders becoming increasingly aware of the potential for a rebound. As the price approaches the trendline support, buying interest may start to emerge, leading to a potential short-covering rally. If the pair breaks above the recent lower highs, it could confirm a shift in trend and attract more buyers, further fueling a bullish move. In conclusion, while USDCAD is currently in a bearish phase, the combination of approaching key support trendlines on higher timeframes and signs of weakening bearish momentum suggests that a significant bullish move may be on the horizon. Traders should closely monitor price action around these critical levels, as a successful bounce could pave the way for a reversal and a potential rally in the coming sessions.
Long
by thobanizuma
3
Buy opportunityThe USDCAD pair presents an enticing buy opportunity at the current price of 1.35888, with favorable potential for profit. Targets: Primary Target: 1.36473 Secondary Target: 1.36460 Breakout Scenario: 1.37372 In the event of a breach above the Support level of 1.35655, indicative of a bearish breakout, the target price is anticipated to ascend towards 1.34000. Technical analysis indicates a notable Buying sentiment prevailing in the market at the present price level. Fundamental factors align with the proposed buy strategy, suggesting upward pressure on the USDCAD pair. Prudent risk management measures should be employed to mitigate exposure to potential adverse market movements. Disclaimer: This analysis is provided based on current market conditions and historical price data. Traders are advised to conduct independent research and exercise caution, employing appropriate risk management techniques, before executing any trading decisions.
Long
by GODOCM
1
Market Analysis: USD/CAD Drops To SupportMarket Analysis: USD/CAD Drops To Support USD/CAD declined and now consolidates below the 1.3640 level. Important Takeaways for USD/CAD Analysis Today - USD/CAD started a fresh decline after it failed to clear the 1.3720 resistance. - Recently, there was a break above a short-term bearish trend line with resistance at 1.3585 on the hourly chart at FXOpen. USD/CAD Technical Analysis On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3700 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.3685 and recently declined below the 1.3640 support against the Canadian Dollar. There was also a close below the 50-hour simple moving average and 1.3620. The bulls are now active near the 1.3570 level. Recently, the pair corrected some losses and climbed above the 1.3600 zone. There was a break above a short-term bearish trend line with resistance at 1.3585. The pair even surpassed the 23.6% Fib retracement level of the downward move from the 1.3685 swing high to the 1.3571 low. If there is a fresh increase, the pair could face resistance near the 1.3620 level. The next key resistance on the USD/CAD chart is near the 61.8% Fib retracement level of the downward move from the 1.3685 swing high to the 1.3571 low is 1.3640. If there is an upside break above 1.3640, the pair could rise toward the 1.3685 resistance. The next major resistance is near the 1.3710 level, above which it could rise steadily toward the 1.3800 resistance zone. Immediate support is near the 1.3570 level. The first major support is near 1.3550. A close below the 1.3550 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3500. Any more losses may possibly open the doors for a drop toward the 1.3450 support. 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
2
Market Research Analysis on USD/CAD Exchange RateThe USD/CAD currency pair is a key indicator of economic health between the United States and Canada, reflecting the relationship between the U.S. dollar and the Canadian dollar. Over the past few months, the USD/CAD exchange rate has shown notable volatility influenced by several factors, including divergent monetary policies, economic data releases, and commodity prices, particularly crude oil. The U.S. Federal Reserve's stance on interest rates and the Bank of Canada's monetary policy adjustments have been primary drivers of this exchange rate. Additionally, Canada's economy, being heavily reliant on its natural resources, particularly oil, has seen its currency fluctuate in tandem with global oil prices. As the U.S. dollar is considered a safe haven, geopolitical tensions and market uncertainties also contribute to its strength against the Canadian dollar. Moving forward, close attention should be paid to the economic indicators from both countries, central bank announcements, and global market conditions, as they will likely continue to impact the USD/CAD exchange rate.
Short
by BELLATRIXFX
USDCAD On Support At the level where USDCAD is currently at, It has taken support oftenly as the chart shows in previouse times. We may expect that again if takes support at this level so we may see a strong buy which is being supported by other technical factors as RSI is also showing a bullish divergence and a break on Falling wedge already been done too. So if it makes a higher high in respect of buy volume so we can take a good ride keeping safe SL at the bottom of the low made below the support line.
Long
by MuneebUddin
18 Month Trading - USDCAD - PT = 1.60 (2000+ pip move)Aug 2024 - DXY has had a big pullback after the US and other major economies have and plan to cut interest rates. Idea: The US economy will remain strong, forcing interest rates to be much higher than in recent history (08-21). Relative to other economies, the US will continue to remain strong. With a focus on re-shoring and a return to manufacturing, there are prospects for continued GDP growth. Canada also has an impending rail strike, but i expect the impact to be minimal Risks: In the near-term, with elections coming in a few months. There is some risk from potential civil backlash and in some cases, potential policy risk. Central bank maneuvering and economic numbers will continue to present risks. Risks not considered - pandemics, weather disasters, or other "Acts of God". Overall, this will require strong risk management, a fluid assessment of the market, and being able to respond dynamically to changing markets.
Long
by dsmall