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Canadian Dollar / U.S. Dollar

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CADUSD trade ideas

USDCAD approaches key resistance inside 250-pip trading rangeUSDCAD bounced off its monthly low on Friday, approaching a convergence of the 100 and 50-SMA around 1.2960-65 at the latest. The recovery moves also gain support from the upbeat RSI, not oversold, as well as recently improving MACD signals. That said, the Loonie pair’s upside past 1.2965 needs validation from the 1.3000 psychological magnet before approaching the 1.3080-85 resistance area. In a case where the prices rally beyond 1.3085, the monthly top of 1.3223 will be in the spotlight. Meanwhile, pullback moves could aim for the 50% Fibonacci retracement of June-July upside, around 1.2870 before challenging the stated trading range’s lower end, around 1.2820. It’s worth noting that a clear downside below 1.2820 could become detrimental for the USDCAD bulls if backed by a clear break of the 1.2800 round figure. In that case, the bears could aim for June’s low near 1.2520. Overall, USDCAD pares recent losses inside a five-week-old trading range.
by MTradingGlobal
FOREX TRADING STRATEGYTF 30 min SIGNAL 200 ema break USE price action as well PIVOTS Fibonacci KEEP RR - 1:4 🎯 win rate - 70% # note : wait for the pullback. If the candle is big enough... then no need to wait for pullback. # keep SL a little above the entry candle # the price respects the weekly fib pivots # check for the overall trend on bigger tf - 1D , 4hrs # avoid weak momentum trades , cuts in the range of 100 to -100 are good # narrow weekly CPR act as good support n resistance # cpr above 200 ema - SELL PROBABILITY # cpr below 200 ema - BUY PROBABILITY # cpr alongside 200 ema - SIDEWAYS TREND
Short
by rforraj
USDCAD UCAD M30 Just after the BMS, we see that fvg that's freshly created and then the sloppiness of price to trade lower. This implies to me that markets will return to fill in the gap before any sell continuation. As markets begin to retrace we anchor our fibs from the the swing high that the move breaking structure originated from to the swing low newly formed. This gives us an OTE precisely where we have our fvg, and the last thing we needed to confirm was the the time of the day being NY killzone, everything was aligning for sells. And our target will be the filling of the imbalance left on the discount part of the trading range.
by JoshFx901
1
USDCAD: CUP & HANDLE BREAKOUTThe Cup with Handle is a bullish continuation pattern that marks a consolidation period followed by a breakout. It was developed by William O'Neil and introduced in his 1988 book, How to Make Money in Stocks. As its name implies, there are two parts to the pattern: the cup and the handle. The cup forms after an advance and looks like a bowl or rounding bottom. As the cup is completed, a trading range develops on the right-hand side and the handle is formed. A subsequent breakout from the handle's trading range signals a continuation of the prior advance. Trend: To qualify as a continuation pattern, a prior trend should exist. Ideally, the trend should be a few months old and not too mature. The more mature the trend, the less chance that the pattern marks a continuation or the less upside potential. Cup: The cup should be “U” shaped and resemble a bowl or rounding bottom. A “V” shaped bottom would be considered too sharp of a reversal to qualify. The softer “U” shape ensures that the cup is a consolidation pattern with valid support at the bottom of the “U”. The perfect pattern would have equal highs on both sides of the cup, but this is not always the case. Cup Depth: Ideally, the depth of the cup should retrace 1/3 or less of the previous advance. However, with volatile markets and over-reactions, the retracement could range from 1/3 to 1/2. In extreme situations, the maximum retracement could be 2/3, which conforms with Dow Theory. Handle: After the high forms on the right side of the cup, there is a pullback that forms the handle. Sometimes this handle resembles a flag or pennant that slopes downward, other times it is just a short pullback. The handle represents the final consolidation/pullback before the big breakout and can retrace up to 1/3 of the cup's advance, but usually not more. The smaller the retracement, the more bullish the formation and significant the breakout. Sometimes it is prudent to wait for a break above the resistance line established by the highs of the cup. Duration: The cup can extend from 1 to 6 months, sometimes longer on weekly charts. The handle can be from 1 week to many weeks and ideally completes within 1-4 weeks. Target: The projected advance after breakout can be estimated by measuring the distance from the right peak of the cup to the bottom of the cup. TRADING STRATEGY: Buy USDCAD on cmp , add on dips , keeping SL of 1.2900 look for the target of 1.3400/1.35300
Long
by TradingSutra