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USDCAD trade ideas

Market Analysis: USD/CAD Regains StrengthMarket Analysis: USD/CAD Regains Strength USD/CAD is rising and might aim for more gains above the 1.4100 resistance. Important Takeaways for USD/CAD Analysis Today - USD/CAD is showing positive signs above the 1.4000 support zone. - There is a connecting bullish trend line forming with support at 1.4040 on the hourly chart at FXOpen. USD/CAD Technical Analysis On the hourly chart of USD/CAD at FXOpen, the pair formed a strong support base above the 1.3840 level. The US Dollar started a fresh increase above the 1.3930 resistance against the Canadian Dollar. The bulls pushed the pair above the 1.3980 and 1.4000 levels. The pair cleared the 50-hour simple moving average and climbed above 1.4040. A high was formed at 1.4105 and the pair recently corrected some gains. There was a move toward the 23.6% Fib retracement level of the upward move from the 1.3930 swing low to the 1.4105 high. Initial support is near the 1.4065 level. The next major support is near a major bullish trend line at 1.4040. The main support sits near the 1.4000 zone on the same USD/CAD chart. It is close to the 61.8% Fib retracement level of the upward move from the 1.3930 swing low to the 1.4105 high. A downside break below the 1.4000 level could push the pair further lower. The next major support is near the 1.3930 support zone, below which the pair might visit 1.3840. If there is another increase, the pair might face resistance near the 1.4105 level. A clear upside break above 1.4105 could start another steady increase. The next major resistance is the 1.4150 level. A close above the 1.4150 level might send the pair toward the 1.4200 level. Any more gains could open the doors for a test of the 1.4280 level. 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
Average True Range ExplainedOriginally developed for commodities, the Average True Range (ATR) indicator is a versatile tool used across various asset classes, like forex pairs and more. ATR helps traders gauge market volatility and make informed decisions, as ATR is essentially a moving average of a market's true range. For traders, this is essential information because it explains how much an asset “moves on average” based on specific starting and ending points selected by the trader. This way, you can be prepared for specific moves when they happen. For example, if a market typically moves 20 points per day, and it has already moved 25 points, you might reconsider trading based on another indicator's signal. To find the true range, you need three values: 1. Current high minus current low 2. Current high minus previous close 3. Current low minus previous close The true range is the greatest of these three values. ATR typically averages the true range over the last 14 sessions, but this can be adjusted based on your trading strategy and personal preference. How do you trade with ATR? ATR is a key indicator of market volatility, aiding traders in evaluating opportunities and being a helpful component in setting stops and limits. ATR shows how much a market usually moves in a day; therefore, ATR can help set realistic profit targets and stop losses. For instance, if a market normally moves 20 points per day, aiming for a 50-point profit might be unrealistic, depending on your strategy. By understanding and utilizing ATR, traders can better navigate market volatility and make more informed trading decisions. Did you learn something new? Our team of researchers and market specialists will be sharing more educational content so be sure to follow our TradingView account for instant updates. Also, be sure to check out our latest ideas here . -- FOREX.com
by FOREXcom
USD/CAD steal bullish OKay as you can see we steal on a bullish scenario where the price its looking to get more and more to the upside, so we have certain limits if we want the price to hit a new high, first of all we will enter in the new york sesion in a long position looking oviously for buys in the 2H orderblock but the entry is on 5min that its the best timeframe for day trading, looking for more objectives you can put your TP near the last high that the last NY sesion let to us, use your stoploss as you want to use it but be safe and remember using the correct risk manegment strategy
Long
by hcarbajal12
USDCAD Will Move Higher! Buy! Take a look at our analysis for USDCAD. Time Frame: 6h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a significant support area 1.396. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 1.403 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
1
Potential bearish drop?The Loonie (USD/CAD) has reacted off the pivot and could drop to the 1st support which acts as a pullback support. Pivot: 1.4041 1st Support: 1.3959 1st Resistance: 1.4105 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.
Short
by ICmarkets
USDCAD - The Make Up of An Average Trade With Big PotentialThis video is slightly different than the ones that I usually put out, but so is this opportunity. I'm looking for a HOMERUN trade here on the USDCAD & what that means is that I'm attempting to get in a trade that captures a larger profit target than what I would usually take. What's important to pay attention to is the top-down analysis & the why behind the decision, as well as the entry reason & the role it plays in my initial involvement. I hope you guys enjoy the video and if you have any questions or comments, please leave them below. Akil
Long
by Akil_Stokes