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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

How market worksThis is your blueprint and the only thing you need. Always after a break the market returns to the zone from where it pushed the market for that break (picture 1) or while returning it decides to reinvest and push the market again and then we can watch the entry from that zone as well (picture 2). I personally watch the market on 15 minutes. When I look at which zones I'm interested in, I go down to 1 minute and look for an entrance there. Tomorrow I will explain the entrance on 1 min.
Education
by Vaske8
USD/CAD: The Breakout Beast Ready to Crush 1.42 Ladies and gentlemen, meet the USD/CAD – your favorite currency pair's favorite currency pair. 🎯📈" The Head and Shoulders Gym Session: Classic Head and Shoulders pattern in play here. Left shoulder? 💪 Bulging. Head? 🧠 Standing tall. Right shoulder? 🤷‍♂️ Trying to keep up, but hey, it tried. That breakout above the neckline? 🔥 The USD is basically yelling, “I’m not just a pretty chart; I’m a trendsetter. 🚀” Support and Resistance – The Classic Frenemies: The 1.40 level is the VIP rope 🪩 – it’s been tough to get past, but the USD is muscling through. 💥 If this party keeps going, the next stop is 1.42 🏔️, where resistance might throw another temper tantrum. 😅 RSI – Overachieving Much? RSI above 70? 😎 This pair is flexing harder than a bodybuilder on stage. 💪 But be warned: markets hate staying in extremes too long. 📉 A pullback could bring it back to Earth. 🌍 Trendline Up, Confidence Up: That dotted upward-sloping trendline? ✨ It’s like a personal trainer yelling, “Keep pushing higher! 🏋️‍♀️” Recent movements suggest USD/CAD is feeling the hype. 🔝 🎲 Prediction Time: If 1.40 holds: fireworks to 1.42 and beyond. 🎇 Bulls are partying hard 🐂💃, and the bears? They’re packing for a vacation. 🐻✈️ But if it falters? 😬 Back to the grind below, maybe chilling at 1.38 like it’s Netflix and consolidation time. 📺📉 This chart is screaming bullish vibes louder than a Friday night karaoke session. 🎤🎶 But remember, overconfidence kills trends faster than a bad DJ clears a dance floor. 🛑 Let’s see if the USD keeps climbing or hits gravity hard. “USD/CAD, are you ready to go the distance, or will gravity call you back? 🚀🌍”
Long
by EdgeDotForex
USDCAD Bullish Trend: Key Level to Watch for Buy OpportunityOANDA:USDCAD is currently in a bullish trend. For it to continue moving higher, it must hold the Monday low, which will create a swing failure. Once it starts holding this level as support, I’ll be looking to buy where the arrow is marked. That arrow is my go-to signal to enter the trade. If the price breaks below the Monday low, I’ll close the position manually. Stay tuned for more updates and FOLLOW ME for the next moves!
by Agnes_Trader
Bullish bounce off 61.8% Fibonacci support?The Loonie (USD/CAD is falling towards the pivot which has been identified as a pullback support and could bounce to the 1st resistance which acts as an overlap resistance. Pivot: 1.3938 1st Support: 1.3898 1st Resistance: 1.4032 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
1
Post analysis 11/19/24Hello and good evening traders, Thank you for taking the time to join me on our post analysis. We have identified a short opportunity in the USDCAD pair. The reason behind this engagement is the alignment of several key elements. Firstly, we observed weakness in the fundamentals of the US dollar and strength in the Canadian dollar. Secondly, these fundamentals aligned with our current trend. Thirdly, we experienced proper breaches of the previous session’s highs and lows. Lastly, we were able to gauge the opposition's strength and time an entry based of their lack of ability to perform. Timing Consideration: Timing was a significant concern, potentially impacting the trade’s advantageousness. the momentum of the opposing force and ascertain that their strength was waning. After considering these factors, it became evident that a short opportunity presented itself. However, timing proved to be a more significant concern. If we had given more attention to timing, we may have had the opportunity to select a more advantageous trade. Nonetheless, we ended the day with a positive outcome, presenting opportunities for improvement and enhanced performance in the future. See you all in the office tomorrow. Good night,
Short
by milesjohnson778
Bullish reversal off pullback support?USD/CAD is falling towards the support level which is a pullback support that is slightly above the 61.8% Fibonacci retracement and could bounce from this level to our take profit. Entry: 1.3952 Why we like it: There is a pullback support level that is slightly above the 61.8% Fibonacci retracement. Stop loss: 1.3900 Why we like it: There is an overlap support level that lines up with the 78.6% Fibonacci retracement. Take profit: 1.4003 Why we like it: There is a pullback resistance level that is slightly below the 38.2% Fibonacci retracement. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). 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 Everest Fortune Group.
Long
by VantageMarkets
Canadian CPI Inflation Accelerates in OctoberCanadian CPI Inflation Accelerates in October; Boc Still Likely to Cut Rates Policymakers ‘may’ think twice about reducing the overnight rate by another 50 basis points (bps) next month following inflation accelerating to the upside. I emphasise the word ‘may’ here. According to the October CPI inflation report (Consumer Price Index) released by Statistics Canada, headline YY (Year on Year) CPI inflation increased to 2.0%. This marked its first acceleration in five months, rising from 1.6% in September (north of economists’ expectations of 1.9%) and immediately sent the Canadian dollar (CAD) northbound. The release noted that gasoline prices fell less last month (4.0%), following September’s fall of 10.7%, ultimately bolstering headline inflation. In addition to this, the report also showed that shelter prices eased further, rising 4.8% from 5.0% in September. However, food (purchased from stores) showed prices accelerated by 2.7% from September’s reading of 2.4%. BoC Eyeing a 50 Basis Point Cut? The Bank of Canada (BoC) has reduced its overnight rate by 125 basis bps since June, and along with the previous meeting’s bumper 50 bp cut, the central bank’s Governor, Tiff Macklem, left the door wide ajar for further policy easing. Despite higher-than-expected inflation, price pressures remain around the BoC’s 2.0% mid-point inflation band of 1-3%. And we must remember that while it does show inflation increased, the rise in prices is largely in line with what the BoC expected according to their latest forecasts: ‘The Bank expects inflation to remain close to the target over the projection horizon, with the upward and downward pressures on inflation roughly balancing out’. This may explain the Canadian dollar’s swift correction in the CAD and the absence of follow-through after the release. Markets are still pricing in around 32 bps of easing for the BoC’s next policy decision – largely unchanged compared to before the release of inflation numbers. So, in my opinion, with the economy still weak, a loose labour market and inflation at target, the BoC cutting rates by another 50 bps remains a possibility next month. BoC’s Preferred Measures Increase Between September and October, inflation also increased to 0.4%, bettering the market’s median estimate for a 0.3% rise and above the previous 0.4% decline. The BoC’s preferred measures of inflation also accelerated to the upside. The CPI Median rose 2.5% from 2.3% in September (consensus: 2.4%), while the CPI Trim measure rose 2.6% from 2.4% in September (consensus: 2.4%). Therefore, the average pace of inflation between these two measures is 2.55%, up from 2.35% in September. Additionally, the CPI Common measure was higher at 2.2%, up from 2.1% in September. Where Does This Leave the USD/CAD? With oil prices lower and positioning for the CAD also low (according to CFTC data), as well as the central bank expected to continue easing policy and the Fed’s moderately hawkish commentary, the recent upside in USD/CAD should not be a surprise. However, while the USD/CAD is biased to the upside and has been for some time now, a correction is in play, and the recent inflation numbers added to the possibility of further downside. Technically, support on the weekly timeframe from C$1.3945 and C$1.3843 and two neighbouring support levels on the daily timeframe (C$1.3866 and C$1.3877) could be worth noting and possibly lend a floor for buyers to work with should the unit reach this far south. Shorter-term flow shows H1 price hovering just ahead of support from C$1.3959, which happens to be a level that converges with a reasonably long-term trendline support, extended from the low of C$1.3472, and a 50% retracement ratio coming in from C$1.3960. What’s also technically appealing for C$1.3959 support is the weekly support coinciding closely with the level at C$1.3945. As a result, this area on the charts could have USD/CAD buyers return to the fold if tested. Written by FP Markets market analyst Aaron Hill.
Long
by FPMarkets
USDCADLooking at USDCAD, the overall order flow remains bullish, but we're currently seeing a retracement. I'm anticipating a continuation to the upside. At the moment, we have an unmitigated demand zone, which is valid due to a liquidity sweep and a change of character originating from this zone. From there, the market created a new high at 1.41053. Now, we need to fill the inefficiency, wipe out the inducement, and wait for an entry on a lower timeframe once the price taps into our demand zone. Ideally, price will sweep the resting liquidity and take out the internal liquidity, confirming the bullish continuation.
Long
by EzratradesFX
Idea on a tradeUSD/CAD gains ground to around 1.4020 in Tuesday’s Asian session. The rising geopolitical risks support the USD. The Canadian CPI inflation report will be in the spotlight on Tuesday. The USD/CAD pair trades in positive territory near 1.4020 on Tuesday during the Asian trading hours. The resurgence of geopolitical tensions in the Middle East and in the Russia-Ukraine front boost the safe-haven currency like the Greenback. Investors will closely watch Canada’s Consumer Price Index (CPI) inflation data, which is due later on Tuesday. Citing two US officials familiar with the decision, CNN News reported on Sunday that US President Joe Biden's administration has authorized Ukraine to use US arms to strike inside Russia in a significant reversal of Washington's policy in the Ukraine-Russia conflict. Investors will monitor the development surrounding geopolitical risks. Any signs of escalation could lift the US Dollar (USD) against the Loonie.
by EZIO-FX