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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USD/CAD:Dynamics Ahead of the US Election BOC DecisionsDynamics Ahead of the US Election and Bank of Canada Rate Decisions As the United States approaches its pivotal presidential election, the US Dollar (USD) is experiencing downward pressure. This uncertainty is impacting the broader market sentiment, leading traders to adopt a cautious stance. However, the upward trajectory of US Treasury yields may provide a buffer against further declines in the dollar’s value. Currently, the US Dollar Index (DXY), which gauges the dollar's strength against six major currencies, is trading around 103.80. At this moment, the yields on 2-year and 10-year US Treasury bonds stand at 4.17% and 4.30%, respectively, indicating investor confidence in longer-term government debt. Turning to Canada, the Bank of Canada (BoC) is gearing up for its final monetary policy meeting of the year in December, where a significant rate cut is widely anticipated. BoC Governor has signaled the possibility of a reduction by as much as 50 basis points (bps). This potential lowering of interest rates could influence the Canadian dollar's valuation and the overall economic landscape. From a technical perspective, the market shows signs of a bullish seasonal trend; however, the latest Commitment of Traders (COT) report suggests the potential for a price drop, particularly in alignment with identified supply zones. As we navigate through these evolving conditions, the outcome of the US election will likely have profound implications for currency movements and economic policies in the coming days. Traders will need to stay vigilant as these developments unfold, shaping market dynamics in both the US and Canada. ✅ 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.
Short
by FOREXN1
3
#USDCAD 1DAYUSDCAD Daily Analysis The USDCAD pair is currently testing a significant resistance level on the daily chart, which has previously acted as a barrier, preventing upward movement. This resistance level suggests potential downside pressure, providing a favorable setup for a sell opportunity if the price fails to break through. Technical Outlook: - Pattern: Resistance Level - Forecast: Bearish (Sell Opportunity) - Entry Strategy: Consider selling near the resistance level Traders may look to enter a sell position around this resistance area, with targets set at key support levels below. Confirmation from indicators like RSI indicating overbought conditions or MACD showing bearish divergence can strengthen this setup, reinforcing the bearish outlook for USDCAD.
Short
by PIPSFIGHTER
USDCAD h4 | Bullish Bounce Based on the H4 chart analysis, we can see that the price is falling to our buy entry at 1.3867, which is a pullback support that aligns with a 61.8% Fibo retracement. Our take profit will be at 1.3934, a pullback resistance. The stop loss will be placed at 1.3809, which is a swing-low support level. 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. 64% 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. 66% 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.
Long
by FXCM
1
USDCAD H4 | Bullish Bounce Based on the H4 chart analysis, we can see that the price is falling to our buy entry at 1.3867, which is a pullback support close to 61.8% Fibo retracement. Our take profit will be at 1.3934, a multi-swing high resistance. The stop loss will be placed at 1.3809, which is an overlap support level. 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. 64% 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. 66% 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.
Long
by FXCM
1