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USD/CAD (OANDA EU Clients)

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USDCAD.PRO.OTMS trade ideas

USDCAD Rally Hits Critical Resistance – Time for a Short?USDCAD has surged in October, but multiple confluences suggest a short-term selling opportunity is emerging. Let's break down the charts. Starting with the weekly charts, we can see that USDCAD has been in a long-term range-bound market between 1.39 and 1.32, with price consistently respecting this range over the past two years. I've marked another key resistance area at 1.375 in red, which has also held strong multiple times in recent years. This is the first confluence. The second confluence becomes clear when we zoom into the daily charts. Lining up perfectly with the weekly resistance at 1.375 is the 0.618 fib level from the down leg that started in August (see image below). Now, taking a closer look at the 4-hour charts, the price is extremely overextended and overbought. When price action reaches this point, especially as it approaches key higher timeframe resistance zones like we are now, a reversal is usually imminent. Given these confluences, a selling opportunity seems highly likely. With the US CPI data being released today, we could see a spike above 1.375 towards 1.38, followed by a sell-off. Here’s how I plan to approach this: I’ll wait until after the news. If there’s a sharp spike above the mentioned resistance areas, I’ll fade the move on the first SELL signal from the lower timeframes using my TRFX indicator. If there’s no spike and price continues to grind up, I’ll be watching for a 30-minute or 1-hour sell signal and will enter the market accordingly. My first target for this setup is 1.36, with a stop loss around 1.383, depending on where I enter. Let me know your thoughts in the comments below!
Short
by TheFxAce
9
BUY USDCADUnfortunately, our previous signal failed due to low stop loss. After hearing the words of Mr. Powell, the market acted very excited and weakened the dollar. Mr. Powell did not say anything new that could further weaken the dollar. This week I expect a rise for the US dollar. This is a very good place to buy USDCAD. The Canadian dollar has nothing to say against the US dollar. This suggestion of mine may contain errors. Take care of your money. good luck Entery price : 1.3507 SL : 1.3415 Tp : 1.3800
Long
by foad_trader
Sell opportunityThe USDCAD pair presents an enticing Sell opportunity at the current price of 1.37251, with favorable potential for profit. Targets: Primary Target: 1.36457 Secondary Target: 1.36062 Breakout Scenario: 1.37590 In the event of a breach above the Support level of 1.37590, indicative of a Bullish breakout, the target price is anticipated to ascend towards 1.38000. Technical analysis indicates a notable Selling sentiment prevailing in the market at the present price level. Fundamental factors align with the proposed Sell strategy, suggesting Downward 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.
Short
by GODOCM
1
USDCAD Short (2)USDCAD sell short as from my previous post spiked a bit before today's US FOMC news we are expecting at 2:00 PM EST. I have placed another short for USDCAD since we are phasing a major bull trend that has been building up for weeks prior to this news. I suggest placing in a short sell NOW prior to any news events occurring. ENTRY: 1.36880 TP 1: 1.35843 TP 2: 1.35345 TP 3: 1.34797 SL: 25-30 PIPS from your entry Please message me if you have any questions about this trade! Please enjoy your day and be sure to boost this post, follow this page, and comment what you want the next trade analysis to be! Thanks again from Aventura Holdings!
Short
by KingTraderFX
8
USDCAD Extends Rally as Strong US Labor Data Lifts the GreenbackThe USD/CAD pair continues its upward momentum, extending its rally to around 1.3645 during Tuesday's early London session. The recent surge in the US Dollar (USD) has been driven by stronger-than-expected labor market data released last Friday, which caused traders to reassess their expectations of aggressive Federal Reserve (Fed) interest rate cuts. The Nonfarm Payrolls (NFP) report showed a robust increase in employment figures, along with a decline in the Unemployment Rate, which has reduced the likelihood of more substantial rate cuts by the Fed. Investors now anticipate a more modest 25 basis points (bps) cut in the upcoming November meeting, rather than the previously expected 50 bps. This sentiment shift has provided a solid foundation for the USD to gain traction against its counterparts, including the Canadian Dollar (CAD). In our previous USD/CAD forecast, shared here: USD/CAD Rebounds from Demand Zone Bullish Continuation in Sight, we highlighted a key demand zone where the pair found strong support. As anticipated, the price rebounded exactly from our identified area, and we are now approaching our take profit target. Looking Ahead: Impact of Upcoming US Economic Data Tomorrow and the day after, significant US economic data releases are scheduled, including reports on inflation and unemployment claims, which could further impact the direction of the USD. A continuation of strong economic performance may push the USD/CAD pair higher, while any signs of economic weakness could lead to a brief retracement. Conclusion: Holding the Position for Further Gains Given the favorable technical setup and the strong support from recent labor data, we are holding our long position in USD/CAD. The upcoming economic releases will provide additional clarity, but for now, the momentum remains on the side of the US Dollar. A potential continuation of the bullish trend is in sight, with some volatility expected as traders react to fresh economic news. ✅ Please share your thoughts about USD/CAD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Long
by FOREXN1
3
USDCAD Buy ForecastUSDCAD New forecast👨‍💻👨‍💻 Note: Follow proper risk management rules. Never risk more then 2% of your total capital. Money management is the key of success in this business...... Set your own SL & TP. Please support this idea with a Like and COMMENT if you find it useful click "follow" on our profile if you will like these type of trading ideas delivered straight to your email in the future. Thanks for your continued support!! lemme know your thoughts in the comment sec...
Long
by King_CityStar_Fx