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USDCAD trade ideas

USDCAD bear flag patternIntraday Update: Today the USDCAD could have a toxic mix of month end flows, CAD GDP and US PCE today (h/t to Lucas for mentioning this in the chatroom) and the pair has been consolidating losses near the 61.8% retracement. Also a bear flag pattern so move below the 1.3450 would usher in a continuation lower, and back above the 1.3500 level a squeeze back towards 1.3555. Today we will get the new CFTC positioning data which up until last week was the most aggressive short CAD by leveraged funds historically since the CFTC has been gathering data. Today's report should show a great reduction after the break of 1.3590 last week.
Short
by ForexAnalytixPipczar
USD/CAD H1 | Potential bullish bounceUSD/CAD is falling towards a multi-swing-low support and could potentially bounce off this level to climb higher. Buy entry is at 1.3452 which is a multi-swing-low support. Stop loss is at 1.3426 which is a level that sits under a swing-low support. Take profit is at 1.3512 which is a pullback resistance that aligns close to the 38.2% Fibonacci retracement 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. 62% 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 (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% 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
USDCAD Short and SouthThe USDCAD currency pair may weaken because the possibility of the Fed cutting interest rates in September looks promising, while on the other hand, the BOC seems to be reaching its inflation target close to 2%. Market participants view the BOC as quite capable of controlling inflation. However, both currencies are quite sensitive to crude oil prices. The reason I see a risk of decline in the USDCAD pair is from the CAD side, which could potentially strengthen slightly because crude oil prices might rise, especially with the OPEC+ production cut announcement. Since CAD has an 80% correlation with crude oil, they tend to move in the same direction. If crude oil strengthens, the demand for CAD will also increase. Sell USDCAD. Sell Limit : 1.37100 Stoploss : 1.37600 Take Profit : 1.33100
Short
by ICT_ID
2
USD/CAD: Identifying a Potential Long Setup Oversold ConditionsCurrently, the USD/CAD pair presents a noteworthy scenario reminiscent of our previous analysis of the USD/CHF. We find ourselves in a strong oversold condition, where the COT report indicates that retail traders are holding extremely bearish positions. This context, coupled with the price being situated within a demand area and potential seasonal patterns pointing to a bullish reversal, makes for a compelling case for a long setup. Oversold Conditions and Retail Sentiment The first aspect to consider in our analysis is the oversold condition of the USD/CAD pair. Such scenarios often signal that the market may have overreacted to recent bearish sentiment, presenting a ripe opportunity for a reversal. The COT report's revelation that retail traders are predominantly bearish adds another layer to this narrative. When retail sentiment is overwhelmingly negative, it frequently suggests that the potential for a rebound is high, as markets may be poised to correct themselves. Demand Area Dynamics The price action within a clearly defined demand area is a crucial factor in our analysis. Demand zones are levels where buying interest typically outweighs selling pressure, leading to price reversals. As USD/CAD hovers within this demand area, traders should be alert to signs of a bullish reversal. This area has historically acted as a strong support level, making it a key point for potential long entries. Seasonality Considerations In addition to the technical and sentiment analysis, seasonal trends can significantly influence market dynamics. The potential for a bullish reversal in USD/CAD aligns with historical seasonal patterns, which may suggest favorable conditions for the US Dollar during this time of year. By considering these seasonal tendencies, traders can enhance their strategies and increase their chances of successful trades. Conclusion In conclusion, the current conditions for the USD/CAD pair—marked by strong oversold signals, bearish retail sentiment from the COT report, and positioning within a demand area—paint a promising picture for a long setup. As traders look for potential entry points, it is vital to monitor price action closely and be prepared to capitalize on a potential reversal. By leveraging these insights and employing sound risk management strategies, traders may find a rewarding opportunity in the USD/CAD pair's forthcoming movements. ✅ 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
5
USDCAD Is Going Up! Buy! Take a look at our analysis for USDCAD. Time Frame: 1D Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a significant support area 1.348. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 1.360 level. P.S Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
1
USDCAD M30 I Bullish Bounced offBased on the M30 chart analysis, we can see that the price has just bounced off our buy entry at 1.3464, which is an overlap support. Our take profit will be at 1.3498, which is a pullback resistance level. The stop loss will be placed at 1.3442, which is a multi-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. 62% 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. 59% 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
USDCAD have potential for pullback"Pendent order" wait for 1.35261 to go long if we broke it for upside. Traders should not use my plans as signals; they are meant to share my market perspective based on price reactions to key levels. Relying on others' signals limits your learning and causes insecurity. Instead, use my plans to enhance your strategy. Perform your own analysis and risk management first, then consult my plans to identify the best trading zones, the best levels to buy or to sell. Learning from others is important, but copying them won't make you a professional. Developing your own strategy and critical analysis skills is crucial for long-term success. Always trust your judgment and focus on continuous learning to improve your skills. Your trading is your responsibility. Choose a good risk management.
Long
by miketiger
4
USDCAD - Where To Buy?It is not easy for the bulls in the USDCAD at the moment. Since the reversal candle on August 5, 2024, the price has only known one direction: down, without any significant corrections. Is now the time to go long USDCAD? In our view, this would be premature. We assume that the price will test the area of just under 1.33 before there is a significant return to the upside. This is an analysis based on the daily chart, so it does not stand in the way of short-term long scalps.
Long
by Ochlokrat
USDCAD Buy opportunity on extremely oversold RSIThe USDCAD pair hit both of our targets on the sell signal we gave a month ago (July 25, see chart below) as it is currently on a 4-week red candle streak: We now start switching to a bullish medium-term strategy as we get clear signals of a pending trend reversal. The price isn't only on the 0.618 Fibonacci retracement level from Support 2 but the 1D RSI also hit the oversold bottom level of the December 26 2023 Low. As you can see on this chart, every time the 1D RSI broke below the 30.00 oversold barrier in the past 12 months and reversed even a little, the USDCAD pair bottomed on the medium-term and targeted Resistance 1. Even the smaller April 14 2023 reversal (which wasn't from an oversold RSI) targeted the 0.618 retracement level. As a result, we apply a two tier buy entry, one now and the 2nd at the less likely event the price approaches Support 1 (-5.40% decline, the most it had on a 2-year basis). In both cases, our Target is 1.37500 (0.618 Fib). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot