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Canadian Dollar / U.S. Dollar

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USDCAD Long Intraday IdeaTrading Idea : USDCAD Intraday Long This trade is based on a confluence of technical indicators suggesting a potential upward move in USDCAD on an 1hr timeframe. Rationale: The pair experienced a breakout above the 1.44 level, indicating strong bullish momentum. Following the breakout, the price has retraced, pulling back to the 50% and 61.8% Fibonacci retracement levels. These levels are considered key support zones in an uptrend. Additionally, the price is finding support along an established upward trend line, further reinforcing the bullish bias. Trade Setup: Entry: 1.43202. This entry point aligns with the Fibonacci retracement and trend line support. Stop Loss (SL): 1.43042. This stop loss is placed below the Fibonacci retracement and trend line support, protecting against potential downside risk. Take Profit (TP): 1.43581. This target represents a potential upward move following the retracement and aligns with intraday volatility. Key points: The combination of a breakout, Fibonacci retracement, and trend line support creates a strong technical case for a long position. This is an intraday trade, so quick execution and monitoring are essential. As always, consider current market conditions and news events before entering the trade.
Long
by BKGTrader35
USD/CAD Trend During US Trading Session - Further Upward?🔔🔔🔔 USD/CAD news: 👉The U.S. central bank decided to keep its benchmark interest rate unchanged for the second consecutive meeting on Wednesday, amid growing concerns about an economic slowdown and the possibility of persistently high inflation. Federal Reserve Chair Jerome Powell emphasized the high level of uncertainty stemming from President Donald Trump's major policy shifts, adding that Fed officials may wait for more clarity on their economic impact before taking action. 👉New economic forecasts indicate that Fed officials have lowered their growth projections for this year but still anticipate an additional half-percentage-point rate cut by 2025. Meanwhile, the more hawkish tone on interest rates from Fed officials since December has provided some support for the U.S. dollars (USD). 👉On the other hand, crude oil prices have rebounded due to escalating geopolitical tensions in the Middle East, which could strengthen the commodity-linked Canadian dollar (CAD) and weigh on the USD/CAD pair. It is worth noting that Canada is the largest oil exporter to the United States, and higher crude oil prices typically have a positive impact on the value of the CAD. Personal analysis: 👉In the short term, this pair is still maintaining its upward momentum due to economic data 👉However, RSI (1H) is in the extreme overbought zone near 80, so the buyers are showing signs of slowing down and the market is likely to reverse in the short term. 👉Consider strong support zones to buy at the best price for you 👉Analyze based on resistance - support levels and Fibonacci combined with trend lines and EMA to come up with a suitable strategy Plan: 🔆 Price Zone Setup: 👉Buy USD/CAD 1.4350 - 1.4340 ❌SL: 1.4315 | ✅TP: 1.4390 - 1.4430 - 1.4470 FM wishes you a successful trading day 💰💰💰
Long
by FM-ForexMastermind
1
Sell Setup at Key Level & High-Value VWAPI have planned a short entry on USD/CAD around a key level that aligns with a high-value VWAP from the second week's low of this month. This VWAP has consistently acted as a strong reference point, showing Rhythm being tested and reinforcing its significance. Given its role in attracting liquidity and providing structural resistance, I see this as a high-probability area for a sell opportunity. Since there are currently no significant fundamental factors affecting the U.S. dollar or the Canadian dollar, I am basing this setup entirely on price action and technical confluence. I will wait for confirmation on lower timeframes before executing the trade.
Short
by benjaminlombaert
USD/CAD: Rebound Above 1.4265 or Imminent Drop?📊 Market Context The USD/CAD exchange rate has shown recent volatility with a significant surge followed by a retracement phase. The market is reacting to expectations regarding decisions from the Federal Reserve and the Bank of Canada (BoC), as well as fluctuations in oil prices, a key factor for the Canadian dollar. 🔍 Technical Analysis The chart analysis highlights the following key levels: Main Resistance: 1.4521 → Located in the upper zone of the chart, this level could act as a barrier to further bullish movements. Key Supports: 1.4333 - 1.4265 - 1.4239 → These levels have previously acted as bounce points and could provide a base for price recovery. Market Structure: The price reacted with a strong green candle after testing the lower support area, followed by a correction phase. Bullish Momentum: If the price holds above 1.4265, it could attempt another push towards 1.4521. 📌 Potential Bullish Scenario: If the price remains above 1.4265, we could see another push towards 1.45 and beyond. 📌 Bearish Scenario: A break below 1.4239 could trigger a sharper decline towards the 1.41 - 1.40 range. 🌍 Fundamental Analysis Federal Reserve: The Fed is assessing the impact of its monetary policies, with markets speculating on a potential rate cut by mid-year. Bank of Canada: The BoC maintains a cautious approach, monitoring inflation and the labor market. Oil Prices: The CAD is correlated with oil prices, so an increase in crude oil could strengthen the Canadian dollar and push USD/CAD lower. 🎯 Conclusion Main Bias: Bullish above 1.4265, targeting 1.45. Trend Invalidation: Below 1.4239, a potential downward correction could occur.
Long
by EdgeTradingJourney
1
Canadian dollar poised to strengthen against the US dollarUSD/CAD could strengthen over several trading sessions as it moves below an uptrend, with momentum, as measured by the relative strength index (RSI), turning negative. This could strengthen USD/CAD to around CA$1.415 from its current rate of CA$1.433. USD/CAD has been unable to rise back above CA$1.45 despite multiple attempts since mid-February. The pair’s RSI is forming a bearish divergence pattern, suggesting that momentum no longer favors the Loonie, which continues to weaken against the US dollar. The loonie also appears to be attempting to break below a short-term uptrend that began around 20 February. With that uptrend at risk, USD/CAD may decline in the coming days. The hourly chart shows that the loonie has repeatedly attempted to break above CA$1.45 , with each effort failing — except for a move between 31 January and 3 February, which ultimately proved to be a failed breakout attempt. With the loonie showing signs of strengthening, USD/CAD could consolidate around support at CA$1.427, with the more critical and substantial support area around CA$1.415. To the upside, a reversal higher in USD/CAD could face strong resistance around CA$1.45, as it has for months. Written by Michael J Kramer, founder of Mott Capital Management Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
by cmcmarkets