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USDCAD trade ideas

Market Analysis: USD/CAD Drops To SupportMarket Analysis: USD/CAD Drops To Support USD/CAD declined and now consolidates below the 1.3640 level. Important Takeaways for USD/CAD Analysis Today - USD/CAD started a fresh decline after it failed to clear the 1.3720 resistance. - Recently, there was a break above a short-term bearish trend line with resistance at 1.3585 on the hourly chart at FXOpen. USD/CAD Technical Analysis On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3700 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.3685 and recently declined below the 1.3640 support against the Canadian Dollar. There was also a close below the 50-hour simple moving average and 1.3620. The bulls are now active near the 1.3570 level. Recently, the pair corrected some losses and climbed above the 1.3600 zone. There was a break above a short-term bearish trend line with resistance at 1.3585. The pair even surpassed the 23.6% Fib retracement level of the downward move from the 1.3685 swing high to the 1.3571 low. If there is a fresh increase, the pair could face resistance near the 1.3620 level. The next key resistance on the USD/CAD chart is near the 61.8% Fib retracement level of the downward move from the 1.3685 swing high to the 1.3571 low is 1.3640. If there is an upside break above 1.3640, the pair could rise toward the 1.3685 resistance. The next major resistance is near the 1.3710 level, above which it could rise steadily toward the 1.3800 resistance zone. Immediate support is near the 1.3570 level. The first major support is near 1.3550. A close below the 1.3550 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3500. Any more losses may possibly open the doors for a drop toward the 1.3450 support. 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
2
Market Research Analysis on USD/CAD Exchange RateThe USD/CAD currency pair is a key indicator of economic health between the United States and Canada, reflecting the relationship between the U.S. dollar and the Canadian dollar. Over the past few months, the USD/CAD exchange rate has shown notable volatility influenced by several factors, including divergent monetary policies, economic data releases, and commodity prices, particularly crude oil. The U.S. Federal Reserve's stance on interest rates and the Bank of Canada's monetary policy adjustments have been primary drivers of this exchange rate. Additionally, Canada's economy, being heavily reliant on its natural resources, particularly oil, has seen its currency fluctuate in tandem with global oil prices. As the U.S. dollar is considered a safe haven, geopolitical tensions and market uncertainties also contribute to its strength against the Canadian dollar. Moving forward, close attention should be paid to the economic indicators from both countries, central bank announcements, and global market conditions, as they will likely continue to impact the USD/CAD exchange rate.
Short
by BELLATRIXFX
USDCAD On Support At the level where USDCAD is currently at, It has taken support oftenly as the chart shows in previouse times. We may expect that again if takes support at this level so we may see a strong buy which is being supported by other technical factors as RSI is also showing a bullish divergence and a break on Falling wedge already been done too. So if it makes a higher high in respect of buy volume so we can take a good ride keeping safe SL at the bottom of the low made below the support line.
Long
by MuneebUddin
18 Month Trading - USDCAD - PT = 1.60 (2000+ pip move)Aug 2024 - DXY has had a big pullback after the US and other major economies have and plan to cut interest rates. Idea: The US economy will remain strong, forcing interest rates to be much higher than in recent history (08-21). Relative to other economies, the US will continue to remain strong. With a focus on re-shoring and a return to manufacturing, there are prospects for continued GDP growth. Canada also has an impending rail strike, but i expect the impact to be minimal Risks: In the near-term, with elections coming in a few months. There is some risk from potential civil backlash and in some cases, potential policy risk. Central bank maneuvering and economic numbers will continue to present risks. Risks not considered - pandemics, weather disasters, or other "Acts of God". Overall, this will require strong risk management, a fluid assessment of the market, and being able to respond dynamically to changing markets.
Long
by dsmall
USDCAD Will Go Up! Buy! Please, check our technical outlook for USDCAD. Time Frame: 9h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is on a crucial zone of demand 1.360. The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 1.368 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
2
USDCAD Will Explode! BUY! My dear followers, I analysed this chart on USDCAD and concluded the following: The market is trading on 1.3613 pivot level. Bias - Bullish Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation. Target - 1.3685 Safe Stop Loss - 1.3569 About Used Indicators: A super-trend indicator is plotted on either above or below the closing price to signal a buy or sell. The indicator changes color, based on whether or not you should be buying. If the super-trend indicator moves below the closing price, the indicator turns green, and it signals an entry point or points to buy. ——————————— WISH YOU ALL LUCK
Long
by AnabelSignals
1
USDCAD: Three days short traders on the market, out of balanceHi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you! “Trade setups, not movements” 1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion) Monday DAY 1 Opening Range Tuesday DAY 2 Initial Balance Wednesday DAY 3 (reset DAY 1) Mid Point Week Thursday DAY 2 ✅ Friday DAY 3 Closing Range 2. SIGNAL DAY First Red Day First Green Day 3 Days Long Breakout 3 Days Short Breakout ✅ Inside Day 3. WEEKLY TEMPLATE Pump&Dump Dump&Pump ✅ Frontside Backside ✅ 4. THESIS: Long: primary, considering the levels (low of the week, July low of the month, low of day), the signal three days breakout short traders in the market, and three session setup which it looks like setting for a long trade, I would be willing to expose risk in this trade after 9:45am PMI news release. Because of MRN, this market can potentially start a move back to the current HOW. Short: secondary, this kind of signal not necessary lead to a reversal, I will leave the 3 session setup to drive this move. Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement. Gianni
Long
by GianniPichichero
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