USDCAD may trigger stopsIntraday Update: The USDCAD is at the key 1.3600 level, 200dma and has broken yesterday's lows. The bulls are at risk of stops being triggered below the 1.3590 level now.
USDCAD trade ideas
USD/CAD Drops to 1.3600 Support LevelUSD/CAD Drops to 1.3600 Support Level
The USD/CAD chart shows the Canadian dollar strengthening against the USD to levels last seen at the end of July.
On one hand, the US dollar is weakened by expectations of an inevitable rate cut. On the other, the Canadian dollar gained strength after yesterday’s inflation data:
→ Although the initial reaction pushed USD/CAD up to 1.364,
→ Today, the market seems to have reassessed the impact, with the pair falling to yesterday's low, indicating continued bearish dominance.
Meanwhile, technical analysis of the USD/CAD chart reveals that the pair has dropped to the 1.3600 support level, which has been a key level for bulls since May.
This decline has been quite sharp, with a drop of over 2.2% from the 6th August high. Bears managed to break the trendline (shown in yellow) and push the RSI from the overbought zone close to the oversold zone within two weeks.
Notably, before the drop, the pair broke the 1.385 support level, but it turned out to be a false breakout. The 6th August candle had a long upper shadow, suggesting many traders were caught off guard.
If the bullish breakout was a false move, could a genuine breakout of the 1.3600-1.3850 range happen to the downside?
The future direction of USD/CAD will largely depend on the market’s reaction to today’s FOMC news, scheduled for release at 21:00 GMT+3.
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USD/CAD BULLS ARE GAINING STRENGTH|LONG
Hello, Friends!
We are going long on the USD/CAD with the target of 1.376 level, because the pair is oversold and will soon hit the support line below. We deduced the oversold condition from the price being near to the lower BB band. However, we should use low risk here because the 1W TF is red and gives us a counter-signal.
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USD/CAD H4 | Potential bearish breakoutUSD/CAD is falling towards a potential breakout level and could drop lower from here.
Sell entry is at 1.3602 which is a potential breakout level.
Stop loss is at 1.3657 which is a level that sits above an overlap resistance.
Take profit is at 1.3560 which is a pullback support.
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USDCAD(Long)Turtle soup Trading Strategy
The Turtle Soup strategy, however, flips the script, aiming to profit when those anticipated trend.Linda Raschke’s Turtle Soup strategy is a counter-trend trading approach that capitalizes on failed breakouts.
It takes inspiration from the famous Turtles trading experiment, where novices were trained on a trend-following system.
Starting the uptrend It is expected that the current downward trend will end in one of the two support ranges and we will see the beginning of the upward trend.
Otherwise, it will be corrective and time-consuming
Is the USD selloff too aggressive? Bond yields suggest soTraders continue to sell the US dollar in anticipation of a dovish speech from Jerome Powell on Friday. To the point where we wonder if this could be a case off "sell the rumour, buy the fact". Matt Simpson takes a quick look at the USD dollar index and bond yields.
USDCAD Bullish ScenarioToday, we will analyze USDCAD
Specific explanations are provided for each zone and movement on the chart. If you have any opinions, feel free to share them in the comments section.
Please note that this analysis is not intended as financial advice. Each individual should assume responsibility for their own trades. The purpose of this post is to provide ideas and inspiration, encouraging readers to view the chart from different perspectives. Always conduct your own research and analysis before making any trading decisions.
USDCAD bullsih correctionUSDCAD bullsih correction
USDCAD is on support, demand area POI. Is expected at 4h TF, reversing to mittigate above imbalances.
We created two entry points, EP1 and EP2 (pendent order). TP and SL on chart.
USDCAD bearishMaking LL & LHs
retracing from support making double top
EP below last LL
SL above the neckline of double top
DXY and USDCAD Trade PlanLooks like USDCAD is on the menu while DXY consolidates and figures out its next move. As we can see, DXY (left) is coming into a daily range low, while USDCAD (right) has some room to "catch up" yet.
Watching the low time frame USDCAD charts for pullbacks, lower highs, and short entry setups
USDCAD - Divergence on MACD may lead to Bullish ImpulseUSDCAD formed divergence on MACD and seems to be completing a long spell of accumulation with in tight range. A breakout from falling trendline in the form of bullish impulse seems imminent. Long positions may be considered only after ocurance of break out.
canadian dollar shark and into the 5-0CD$ looks like we are setting up for a rally back toward 13750 after the shark harmonic pattern and into the 5-0 .Also setting up a nice hammer candle on the daily chart
USD_CAD LONG FROM SUPPORT|
✅USD_CAD is set to retest a
Strong support level below at 1.3600
After trading in a local downtrend from some time
Which makes a bullish rebound a likely scenario
With the target being a local resistance above at 1.3660
LONG🚀
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USDCAD📊 #USDCAD
⏱ TIME: 1H
📝After falling to a very strong resistance range it is expected to make an upward move.
⭕️risk: MID
📍The initial buying limit: 1.36200$
📌TP1: 1.36800$
📌TP2:1.37200$
⛔️SL: 1.35700$
❌These analyzes are just to give a better perspective for you dear ones
Do not base on buying and selling❌
Usd/cad to continue its Bearish trajectory By the end of this week am expecting that the Bears will be dominating this week to mitigate the last remaining liquidity @ 1.37567, so am with the Bears as the big market movers do their thing target of the week tp @ 1.37567
Canadian dollar shrugs as Can. CPI drops to 3-year lowThe Canadian dollar is almost unchanged on Tuesday after posting gains over the past two days. In the North American session, USD/CAD is trading at 1.3636 at the time of writing.
Canada’s headline CPI rose to 2.5% year-on-year in July, down from 2.7% in June and matching the market estimate. This marked the lowest annual inflation level since March 2021. Monthly, inflation rose to 0.4% in July following a decline in June of -0.1% and in line with the market estimate. The jump in the monthly report was driven by higher gasoline prices.
Core CPI, which is more closely monitored by the Bank of Canada, also eased. The average of two of the Bank of Canada’s (BOC) core measures of inflation eased slightly to 2.55% year-on-year in July, compared to 2.7% in June.
The decline in inflation is an encouraging sign for the BoC, which would like to continue trimming interest rates as the economy cools and also provide relief to homeowners who are struggling with high rates. The Bank of Canada meets on September 4 and is mindful that the Federal Reserve is almost certain to lower rates, perhaps by a half-point. This means that BoC policy makers don’t have to worry that another rate cut would hurt the Canadian dollar if the Fed follows suit with its own rate cut.
The Federal Reserve will almost certainly lower rates at the September meeting, with uncertainty as to the size of the expected reduction. The probability of a 25-basis point cut stands at 75% and a 50 bps cut at 25%, according to the CME’s FedWatch. On Friday, Jerome Powell will address the Jackson Hole Symposium and could signal what the Fed has in store for next month’s meeting.
USD/CAD tested support at 1.3614 earlier. Below, there is support at 1.3594
There is resistance at 1.3650 and 1.3670
USD/CAD Hit A Bouncing Support Lets Buythe area around 1.36000 - 1.36300 is an absolute strong support and a very resilient block that the price touched over 8 time and failed completely to break.
now tha price came back again to it after being pushed by a historical resistance.
the 4h price action was very promising showing a really good bullish price action. based on all these reasons u can enter a buy trade now with me and the chart shows all the trade details
1:10 RISK TO REWARD SELL SETUP FOR USDCADCore Analysis Method: Smart Money Concepts
Here’s a detailed breakdown of the analysis based on the Smart Money Concepts methodology:
😇 7 Dimension Analysis
Time Frame: 15M
Swing Structure:
The structure is currently bearish, with multiple Breaks of Structure (BOS) confirming the downtrend. The price has mitigated Inducement and is now undergoing a corrective swing move.
Only the extreme Sell Order Block (SOB) is identified as the Point of Interest (POI) in the Premier zone, making this area highly attractive for sellers.
This area has also served as a Resistance or Demand zone for sellers in the past, adding to its significance.
Pattern:
🟢 Chart Patterns:
To be assessed once the price reaches the POI.
🟢 Candle Patterns:
Will be updated upon the price reaching the POI.
Volume:
🟢 Significant volume is observed in the selling areas, indicating strong selling interest.
Momentum RSI:
🟢 The RSI is in the super-sell zone, indicating strong bearish momentum. Although there is an attempt at a range shift, it’s not confirmed yet, and the bearish sentiment still dominates.
Volatility Bollinger Bands:
🟢 The volatile move is about to conclude, and the market may require some time to cool down before the next significant movement.
Strength ADX:
The ADX indicates that sellers are firmly in control, supporting the bearish outlook.
Rating: ⭐⭐⭐⭐ (4 Stars)
Probability: 60%
The setup shows a moderate-to-high probability, but confirmation from patterns and additional indicators could increase this further.
✔️ Entry Time Frame: 15M
✅ Entry TF Structure: Bearish
☑️ POI: Extreme unmitigated OB
💡 Decision: Sell Limit
🚀 Entry: 1.3678
✋ Stop loss: 1.3686
🎯 Take profit: 1.3602
😊 Risk to reward Ratio: 10 RR
🕛 Expected Duration: 2 Days
SUMMARY:
The analysis suggests a strong selling opportunity on the 15-minute timeframe, with a sell limit entry at 1.3678. The stop loss is tightly set at 1.3686, providing a high risk-to-reward ratio of 10:1, with a take-profit target at 1.3602. This setup is favored by the current bearish market structure and the significant volume observed in selling zones. While the momentum is still bearish, the upcoming price action near the POI will be crucial in confirming this trade's potential. Monitoring the formation of chart and candle patterns at the POI will be essential for executing this setup effectively.
USDCAD.. support broke? What's next??#USDCAD... Market just below his major supporting area that was actually 1.3660
Keep lcose it because of market hold it now then further drop on table..
Stay sharp ..
Good luck
Trade wisely
USD/CAD possible pullbackFX:USDCAD could face an uptrend swing retesting some imbalance and supply zones. It's at a key weekly level so even a 0.382 fib retracement could happen. What are your thoughts?
usdcad buy signal. Don't forget about stop-loss.
Write in the comments all your questions and instruments analysis of which you want to see.
Friends, push the like button, write a comment, and share with your mates - that would be the best THANK YOU.
P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade
Where will USDCAD go next?, 2hrFor the previous weeks USDCAD has been selling crazy. Mostly due to the decline of the US Dollar.
But it recently reached a very strong support zone and previous responses to this support shows that we are looking for a bullish reversal pattern to confirm those buys to the upside.
