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USD/CAD LMAX

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USDCAD_LMAX trade ideas

USDCAD: Buy the Breakout for 1.3560-80USDCAD is on a breakout from a large sideways formation.The absence of resistance from the left side of the chart and Daily and 4H technical picture are supporting the continuation of the move higher with the area of 1.3560-80 to be the initial target. Strategy: BUY at current levels and add at a pullback towards 1.3505-10 area. Stops below 1.3480 TP 1.3560 and 1.3580 MULTI TIME FRAME TECHNICAL PICTURE AND ANALYSIS Daily chart Reversal formation at important technical support with oversold RSI studies 4H Chart
Long
by Chartist-Trading
USD/CAD Hovers in Midrange as Traders Await Key Economic DataThe USD/CAD pair started the week on a subdued note, with the Canadian Dollar (CAD) drifting into the midrange on Monday. As the trading week kicked off, both the Canadian and US markets were quiet due to the Labor Day holiday, resulting in a notable lack of momentum in the currency pair. However, key events scheduled later in the week are expected to bring volatility back into play, keeping USD/CAD traders vigilant. From a technical standpoint, the USD/CAD pair appears to have reacted to a well-defined demand area, offering potential bullish opportunities. The latest Commitment of Traders (COT) report indicates that retail traders are overwhelmingly bearish on the CAD, with sentiment levels even more negative than those seen in December 2023—a period that was followed by a significant market reversal. This bearish sentiment, combined with the identified demand area, suggests that the conditions are ripe for a long setup in USD/CAD. Looking ahead, the Bank of Canada (BoC) is poised to announce its latest rate decision this week, with markets widely expecting a quarter-point rate cut. This decision could have a significant impact on the CAD, particularly if the BoC delivers any surprises. Meanwhile, on the US side, the economic calendar is filled with key data releases, including the Purchasing Managers Index (PMI) figures throughout the week, all leading up to the highly anticipated Nonfarm Payrolls (NFP) report. With these developments on the horizon, the USD/CAD pair is likely to see increased volatility. Traders should keep a close eye on the BoC's rate decision and the US economic data, as these events could provide further direction for the pair. For now, the technical indicators and market sentiment suggest a potential bullish opportunity in the USD/CAD as the week unfolds. ✅ 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
3
Volatile Week for USD/CAD? Volatile Week for USD/CAD? The Bank of Canada (BoC) is anticipated to lower rates by 25 basis points on Wednesday, bringing the policy rate down to 4.25%. This expectation follows a recent CPI report that indicated further easing in core inflation, coupled with weaker labor market data. While a 50-basis point cut seems unlikely, it can't be entirely dismissed. In the July monetary policy meeting, Governor Tiff Macklem suggested that the focus may shift towards supporting economic growth rather than solely controlling inflation. Additionally, Canada's August employment report is set to be released on Friday, coinciding with the US nonfarm payrolls report. This timing could heighten uncertainty and volatility in the USD/CAD pair. A key level to watch will be the 1.3570-1.3600 zone, which previously served as a significant support area. Whether this area will be re-tested remains to be seen.
by BlackBull_Markets
Buy OpportunityThe USDCAD pair presents an enticing buy opportunity at the current price of 1.34972, with favorable potential for profit. Targets: Primary Target: 1.36060 Secondary Target: 1.376500 Breakout Scenario: 1.34400 In the event of a breach above the Support level of 1.34400, indicative of a bearish breakout, the target price is anticipated to ascend towards 1.33000. Technical analysis indicates a notable Buying sentiment prevailing in the market at the present price level. Fundamental factors align with the proposed buy strategy, suggesting upward pressure on the USDCAD pair. Prudent risk management measures should be employed to mitigate exposure to potential adverse market movements. Disclaimer: This analysis is provided based on current market conditions and historical price data. Traders are advised to conduct independent research and exercise caution, employing appropriate risk management techniques, before executing any trading decisions.
Long
by GODOCM
USD/CAD May Rise#trading_idea #USDCAD 🇨🇦 USD/CAD - Outlook On the hourly chart, an Ascending Triangle pattern is forming. The price is testing the resistance at 1.3499. The Bulls & Bears and MACD indicators suggest a possible continuation of the pair's upward movement. 🔼 If the price break through the resistance 1.3499 the further rise to the resistance 1.3515 is possible. 🔽Alternatively, the price may decline de to the support zone 1.3489 - 1.3480. 😎 Hit "👍" if you believe the price will rise and "👎" if you think it's slide. ➡️GET $20,000 JUST FOR $99
Long
by sabiotrade
USD/CAD analysis by the Mallicast teamThe Mallicast team's analysis for the USD/CAD currency pair is as follows: Currently, this pair is in a downtrend with low momentum. This decline in price might indicate a relative weakness of the US dollar against the Canadian dollar, which could be due to various economic factors such as a decrease in interest rates, weak economic data, or an increase in demand for commodities and energy (which supports the Canadian dollar). It is anticipated that within this downtrend, the price will reach the level of 1.34221, experiencing a short correction. This correction might occur due to short-term profit-taking by traders or as a reaction to different economic data. However, following this correction, the uptrend is expected to resume, pushing the price to the level of 1.35872. This upward movement could result from improving economic conditions in the United States or a temporary weakening of the Canadian dollar. Finally, the analysis suggests that the price could rise to the level of 1.37149, which is considered the final target price. This price level might be influenced by changes in monetary policies, fluctuations in global markets, or changes in oil prices, which significantly impact the Canadian economy.
Short
by mallicast