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USDCAD - 1H PROJECTIONDISCLAIMER: The Company accepts no accountability or obligation for your trading and speculation results, and you consent to hold the Company innocuous for any such outcomes or misfortunes. We are not financial advisers or account managers; We are Forex traders. The recordings on this channel are rigorously for educational and amusement purposes. Trading Forex implies dangers, and you can lose all your venture ; consequently, you exclusively must take a chance.
Long
by Azif123
USDCAD bears brace for mid-1.3200s with eyes on BOC’s MacklemUSDCAD remains depressed at the lowest levels in six weeks after breaking the 100-DMA as broad US Dollar weakness joins firmer oil prices. Even so, the bears are waiting for the Bank of Canada (BOC) Governor Tiff Macklem’s speech for further directions. That said, the 50% Fibonacci retracement level of June-October upside, near 1.3250, appears the immediate support ahead of an upward-sloping support line from June 2022, close to the 1.3200 round figure. Should the Loonie pair drops below 1.3200, the 200-DMA support level of 1.3150 could act as the last defense of the pair buyers. On the contrary, the 100-DMA hurdle surrounding 1.3480 challenges the short-term recovery moves of the USDCAD pair. Following that, a run-up towards the previous monthly peak of around 1.3700 can’t be ruled out. It’s worth noting, however, that multiple resistances around 1.3800 and 1.3850 could challenge the pair buyers past 1.3700, a break of which could propel prices towards the year 2022 top of 1.3977. Overall, USDCAD is well-set on the bear’s radar despite the latest hesitance in refreshing the multi-day low.
by MTradingGlobal
My Elliotical Approach to USDCAD Long.The chart mentions everything pretty clearly. My next approach would be to look for an entry point close to the channel's lower trendline with the protective stop (invalidation level) at wave 1 high. This is the 5th wave of the 3rd wave as per my analysis which we would attempt to capture. The target should be close to the channel's upper trendline. A definitive target will come into existence once the correction is completed. Happy Trading!
Long
by UnknownUnicorn27677748
1
USDCAD is likely to decline further as 2023 beginsUSDCAD holds onto the late December downside break of the seven-week-old ascending support line, even if the 200-SMA challenges the bears. That said, the downbeat MACD and RSI conditions also favor the Loonie pair sellers as they attack the key SMA surrounding 1.3520. Additionally challenging the bears is the double bottoms marked around 1.3485-80 during the last week, a break of which could quickly drag prices towards the previous monthly low of around 1.3380. In a case where the quote remains bearish past 1.3380, November’s low of 1.3225 will gain the market’s attention. On the contrary, recovery moves need to cross the previous support line from early November, close to 1.3645-50 by the press time, to convince buyers. Even so, the double tops marked the last month at around 1.3700 will be a crucial challenge for the USDCAD optimists. It's worth noting that the pair’s run-up beyond 1.3700 won’t hesitate to challenge the yearly high marked in October around 1.3980. However, November’s peak near 1.3810 could act as a buffer during the anticipated run-up. Overall, USDCAD is likely to remain weak but the 200-SMA can challenge short-term sellers amid the holiday mood.
by MTradingGlobal
Ascending triangle teases USDCAD bears ahead of BOC inflationUSDCAD portrays a bearish triangle formation after multiple rejections from the 1.3700 threshold. The sellers, however, await a clear downside break of the stated formation’s support, near 1.3590 by the press time, as well as the Bank of Canada inflation data. A clear break of the stated 1.3590 support, backed by upbeat BOC CPI, could quickly drag the quote to the 200-SMA level surrounding 1.3490-85. Following that, the 23.6% Fibonacci retracement level of the pair’s October-November fall, near 1.3400, could act as an intermediate halt during the south run aiming the theoretical target of 1.3270. In a case where the Loonie pair remains depressed below 1.3270, the previous monthly low, close to 1.3235, will gain the market’s attention. Alternatively, USDCAD needs a successful clearance of the 1.3700 hurdle, as well as softer Canada inflation, to defy the bearish chart formation. In that case, the previous monthly top and 78.6% Fibonacci retracement level around 1.3810 will be in the spotlight. Should the Loonie pair remains firmer past 1.3810, the 1.3900 round figure and November’s high near 1.3975 could entertain buyers before highlighting the 1.4000 psychological magnet. Overall, USDCAD bears are ready for entry as traders await the key data from Canada.
by MTradingGlobal