USDCAD 4 Hour Analysis (18 May 2023)USDCAD Trading Ideas
1. Forming Triangle pattern
2. Inside triangle we can see a current trend
3. We can wait and have a proper entry
4. We can also take trade in lower timeframes
accordingly
USDCAD.1.MINI trade ideas
USDCAD bears again place their eyes on six-month-old supportUSDCAD again fails to remain beyond the 200-DMA, suggesting another attempt in breaking an upward-sloping support line from November 2022, close to 1.3320 at the latest. The lower highs in the last two months and downbeat oscillators seem to put the Loonie pair bears in a better position this time. Hence, a break of the key support line appears more likely, which in turn can quickly drag the quote to the 50% Fibonacci retracement of April-October upside, near 1.3190. However, a 13-month-old ascending trend line, close to 1.3130, may challenge the bears afterward before giving them control.
Meanwhile, the USDCAD pair’s recovery moves may again try to float above the 200-DMA hurdle, around 1.3460 at the latest. In doing so, staying stable above the 1.3500 threshold may become their target before eyeing the falling resistance line from March, around 1.3585. In a case where the bulls manage to remain in the driver’s seat past 1.3585, the previous monthly high surrounding 1.3670 and the late 2022 peak near 1.3705 will be on their radar prior to hitting the yearly top of 1.3860.
Overall, USDCAD is likely to remain pressured and is a strong candidate to challenge the key support lines.
USD/CAD in Daily time frameElliot Wave Analysis:
At present correction is running inside the triangle once the breakout occurs. it will reach the target mentioned in the chart.
USDCAD possibility long with slDear Trader USDCAD possibility long with sl Olny After Break Out Trade. Enjoy Your Trade
VALID PULLBACK MAPPINGin this video I mark the valid pullbacks that are really important for marking market structure
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USDCAD BUYMarket now in strong level of support and this level hammer candle formed, next level of market going to bull, it's time to buy opportunity
usdcadFX:USDCAD
As you can see in USDCAD in 1Hr Time frame has formed Inverted Head and Shoulder. if it breaks the Neck line and retest the neckline level then we can go for buy side. Plane your trade accordingly....
USDCADlooks like sell for me if a nice pullback comes we can go with sell with some nce entry candles
Intraday Short USDCADSort of a double top with overheated RSI on hourly and 4 hours. SL above 1.3650, target 1.3595 and 1.3570
USDCAD stays on bear’s radar as US inflation, BoC loomsBe it a clear downside break of the 10-week-old ascending trend line or sustained trading below the 200-SMA, not to forget the latest fall below one-week-long rising trend line, USDCAD has it all to keep its place on the bear’s radar. The quote’s further downside, however, hinges on the Bank of Canada (BoC) monetary policy decision and the US Consumer Price Index data, as well as the FOMC Meeting Minutes. That said, the monthly low of around 1.3400 and multiple levels marked near the 78.6% Fibonacci retracement of the pair’s February-March upside, close to 1.3390, could test the Loonie pair sellers. In a case where the bears keep the reins past 1.3390, February’s low of around 1.3260 will be in focus.
Meanwhile, USDCAD recovery initially needs to cross the weekly support-turned-resistance of around 1.3500 before poking the 50% Fibonacci retracement hurdle, around 1.3560, to convince intraday buyers. Even so, the previous support line from early February, close to 1.3615-20, could challenge the upside momentum. If at all the Loonie pair manages to cross the 1.3620 hurdle, a convergence of the 200-SMA and 38.2% Fibonacci retracement will act as the final defense for bears near 1.3630. Should the quote remains firmer past 1.3630, backed by price-positive fundamentals, a run-up towards 1.3740 and 1.3800 can’t be ruled out.
To sum up, USDCAD is well-set for further downside on a key day for the pair traders.
USDCAD is making bearins rising chanalUSDCAD is tarding beloow 1 H and 4 H EMA(200)
iN DOWN TRAND .Now making bearish risIng chanal
AND just touch 1 H ema(200).
Once if it make beraish candlsrick pattern near 1 H EMA(200)
It may fall sharply
EDUCATIONAL PURPOSE ONLY
USDCAD buyers preferred above 1.3550 USDCAD buy preference above lows and above 1.3550.
This is price action and still one hour before US opening hours so consider that voltility it will be a factor today for information about employment.
Market is holding into dollar at this levels
USDCAD buyers on hold to 1.35 levelsScalping is ideal here since market is just getting thru lows
Above 1.3450 buy strategies are ideal. Today´s target 1.35 and extentions
USDCAD DAILY TECHNICAL ANALYSIS Trading Ideas-
Short positions below 1.3863 with targets at 1.3204 & 1.2955
Alternative scenario
If price sustain above 1.3863 look for 1.3985 & 1.4226 as targets.
Supports and resistances
1.3204 & 1.2955
1.3985 & 1.4226
