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USD/CAD (OANDA EU Clients)

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USDCAD.PRO.OTMS trade ideas

USDCAD ready to move back up?Hi Guys, The USD CAD pair has reached a support level where we could see a nice bounce from. The chart has a blue box that highlights that level which is also a demand zone and an area to which price has made moves from in the past. There is also a falling wedge leading into the zone, which can lead to big moves after breaking out. There is a double bottom completed on the 1 hour chart as of writing with a hammer candle . The pair is also very far from its 50DMA ( orange line on chart), suggesting pullback to the 50MA is due soon. There is also a trend line zone that can be drawn from previous lows that price is close to and the red line that the pair is currently at is the important AVWAP from the lows in July of 23. All in all enough confluence to suggest we could get a good long trade out of here. Waiting for break of trendline and aggresive entry or retest of the break area and candlestick or chart patterns on lower time frame could lead to nice risk to reward trade. Safe trading all.
Long
by elyask120
USD/CAD Drops to 1.3600 Support LevelUSD/CAD Drops to 1.3600 Support Level The USD/CAD chart shows the Canadian dollar strengthening against the USD to levels last seen at the end of July. On one hand, the US dollar is weakened by expectations of an inevitable rate cut. On the other, the Canadian dollar gained strength after yesterday’s inflation data: → Although the initial reaction pushed USD/CAD up to 1.364, → Today, the market seems to have reassessed the impact, with the pair falling to yesterday's low, indicating continued bearish dominance. Meanwhile, technical analysis of the USD/CAD chart reveals that the pair has dropped to the 1.3600 support level, which has been a key level for bulls since May. This decline has been quite sharp, with a drop of over 2.2% from the 6th August high. Bears managed to break the trendline (shown in yellow) and push the RSI from the overbought zone close to the oversold zone within two weeks. Notably, before the drop, the pair broke the 1.385 support level, but it turned out to be a false breakout. The 6th August candle had a long upper shadow, suggesting many traders were caught off guard. If the bullish breakout was a false move, could a genuine breakout of the 1.3600-1.3850 range happen to the downside? The future direction of USD/CAD will largely depend on the market’s reaction to today’s FOMC news, scheduled for release at 21:00 GMT+3. 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
USD/CAD H4 | Potential bearish breakoutUSD/CAD is falling towards a potential breakout level and could drop lower from here. Sell entry is at 1.3602 which is a potential breakout level. Stop loss is at 1.3657 which is a level that sits above an overlap resistance. Take profit is at 1.3560 which is a pullback support. 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. 68% 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, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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
USDCAD Bullish ScenarioToday, we will analyze USDCAD Specific explanations are provided for each zone and movement on the chart. If you have any opinions, feel free to share them in the comments section. Please note that this analysis is not intended as financial advice. Each individual should assume responsibility for their own trades. The purpose of this post is to provide ideas and inspiration, encouraging readers to view the chart from different perspectives. Always conduct your own research and analysis before making any trading decisions.
Long
by Biaxar