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USDCAD.PRO.OTMS trade ideas

Markets eye US, Canadian job data The Canadian dollar is steady in Friday trade, after sustaining considerable losses a day earlier. In the North American session, USD/CAD is trading at 1.2118, up 0.11% on the day. The US dollar was broadly higher on Thursday, as the Fed surprised the markets when it announced that it will begin to scale back its portfolio. The Fed ended its purchase of corporate bonds in 2020, and will now gradually sell these assets. The Fed has taken pains to emphasise that this sale is not a monetary policy action, as it does not affect the purchase of government bonds. The latter is intended to improve economic conditions and keep borrowing costs at ultra-low levels. Still, this most recent move has boosted the US dollar, as it appears to signal a move towards tapering QE and potentially raising interest rates. More Fed members are coming out and publicly urging the Fed to hold a discussion about tapering, and this has investors keeping a sharp eye on inflation and employment figures, which could be instrumental in any Fed decision with regard to tapering. The market will quickly shift focus from the Fed to the US employment report (12:e30 GMT). The consensus stands at 644 thousand, which would be a strong acceleration from the April release of 266 thousand. However, the markets are well aware that recent forecasts for NFP have been wide of the mark, including the April reading, as the consensus was 990 thousand. This week's ADP Employment Report showed a gain of 978 thousand, crushing the estimate of 645 thousand. However, the APDP reading is not a reliable indication of how official nonfarm payrolls will perform. Canada will also release key job data (12:30 GMT), with the market expecting soft numbers. April was dismal, as the economy shed 207.1 thousand jobs. May is expected to show a small decline of 20.0 thousand. The unemployment rate is projected to edge up to 8.2%, down from 8.1% USD/CAD is putting pressure on resistance at 1.2137. This line was tested last week. This is followed by resistance at 1.2195. With the pair moving higher, 1.2025 has some breathing room as support. Below, there is support at 1.1971
by OANDA
USDCAD Market AnalysisThis is my first time publishing anything, so be nice lol... This is not me taking an “exact” side, however this is just the way I mark up my charts to predict future, long term outcomes. BUT, I like to project all possibilities. The market is unpredictable so expand your mind, don’t just have one possible outcome. If someone were to ask for my opinion, I would say that USDCAD has potential to push higher off of the lower trend line. Wait for buying momentum/ structure to present itself then.... boom! You’ve got yourself an entry. Now, with that being said, I do believe that USDCAD is going to give One final push down before breaking to the upside, but that is why I said WAIT for the bullish structure to present itself. You should not be looking to buy and price is still creating lower highs ....no ma’am/sir. How long will the bullish momentum last you ask? Who knows! Trail your stop loss and don’t over leverage. Please reference current price to the DXY.
by bankssydni
Canadian dollar rises ahead of GDPThe Canadian dollar continues to drift this week. In the European session, USD/CAD is trading at 1.2037, down 0.08% on the day. Canada's economy is expected to have surged ahead in the first quarter of the year. GDP grew at an impressive rate of 9.8% (YoY) in Q4. The consensus for Q1 stands at 6.8%, which would bring growth close to pre-Covid levels. These GDP figures are impressive, but should be taken with a grain of salt, as that they are in comparison to figures from a year ago, when Covid was at its height and caused a steep economic downturn. The economic recovery has been fuelled by a resurgence in exports and the strong housing market. Interestingly, the recovery has forged ahead largely without the support of consumer spending, a key driver of economic growth. Strict lockdowns have put a crimp in consumer spending, but pent-up demand is expected to translate into a surge in consumer spending later n the year. Canada's Covid vaccine rollout has been sluggish, but infection rates are slowly receding. This has meant that health restrictions have been eased as the economy reopens. In April, the Bank of Canada was the first major central bank to announce a tightening in policy. With the US and UK economies heating up, the Fed and BoE may well follow the BoC example and taper their QE programmes. The BoC has signalled that its key interest rate could rise above the current 0.25% in late 2022. If the BoC continues to drum a hawkish message, the Canadian dollar could break below the 1.20 level, which has held since 2015. USD/CAD faces resistance at 1.2137 and 1.2195. The pair continues to test support at 1.2025. Below, there is support at 1.1971.
by OANDA
💡Don't miss the great buy opportunity in USDCAD💡Don't miss the great buy opportunity in USDCAD Trading suggestion: ". There is a possibility of temporary retracement to the suggested support line (1.20750). . if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . USDCAD is in a range bound, and the beginning of an uptrend is expected. . The price is below the 21-Day WEMA, which acts as a dynamic resistance. . The RSI is at 73 Take Profits: TP1= @ 1.21450 TP2= @ 1.22000 TP3= @ 1.22650 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex / Crypto trader ? Now, It's your turn ! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity_ME
2
💡Don't miss the great buy opportunity in USDCADTrading suggestion: ". There is a possibility of temporary retracement to the suggested support line (1.2080). . if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . USDCAD is in a range bound, and the beginning of an uptrend is expected. . The price is below the 21-Day WEMA, which acts as a dynamic resistance. . The RSI is at 58. Take Profits: TP1= @ 1.2140 TP2= @ 1.2190 TP3= @ 1.2265 TP4= @ 1.2350 TP5= @ 1.2470 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex / Crypto trader ? Now, It's your turn ! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity_ME
9