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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USDCAD is sell sideThe USDCAD pair is currently trending towards the sell side according to my analysis. After a brief period of consolidation, the pair has broken through the semantic triangle and key support level at 1.36700, which is a significant bearish signal. Therefore, I suggest placing an entry point at 1.36600 to initiate a short position. My target for the sell trade on the USDCAD pair is set at 1.35500. I arrived at this target price by analyzing the price action and historical levels of support and resistance on the pair's chart. Additionally, I have factored in the current fundamental factors affecting the CAD, such as the recent strong economic data and rebounding oil prices. Overall, my analysis suggests that the USDCAD pair is poised for further weakness in the near term, making it an attractive sell opportunity with a good risk to reward ratio. However, as always, traders should exercise caution and implement appropriate risk management strategies when entering any trade.
Short
by ludba999
USDCAD is sell sideThe USDCAD pair is currently trending towards the sell side according to my analysis. After a brief period of consolidation, the pair has broken through the semantic triangle and key support level at 1.36700, which is a significant bearish signal. Therefore, I suggest placing an entry point at 1.36600 to initiate a short position. My target for the sell trade on the USDCAD pair is set at 1.35500. I arrived at this target price by analyzing the price action and historical levels of support and resistance on the pair's chart. Additionally, I have factored in the current fundamental factors affecting the CAD, such as the recent strong economic data and rebounding oil prices. Overall, my analysis suggests that the USDCAD pair is poised for further weakness in the near term, making it an attractive sell opportunity with a good risk to reward ratio. However, as always, traders should exercise caution and implement appropriate risk management strategies when entering any trade.
Short
by ludba999
2
USDCAD sellers need validation from 1.3670 and Canada inflation USDCAD fades the week-start recovery as market players await Canada inflation data on early Tuesday. In doing so, the Loonie pair defends the previous week’s U-turn from the 100-SMA while retreating towards a two-month-old rising support line. Adding strength to the bearish bias are the downbeat MACD signals and the mostly steady RSI (14). However, the quote’s further downside needs a clear downside break of the aforementioned trend line support, close to 1.3670 by the press time, as well as upbeat prints of the Canada Consumer Price Index (CPI) and the Bank of Canada (BoC) CPI for October. That said, the pair’s sustained downside past 1.3670, backed by strong Canada inflation, could quickly drag prices to the 50% and 61.8% Fibonacci ratios of the pair’s September-November upside, respectively near 1.3640 and 1.3570. Meanwhile, USDCAD buyers need to cross the 100-SMA level of 1.3770 and must get support from the Canada inflation to retake control. Even so, a downward-sloping resistance line from early November, close to 1.3815 at the latest, will act as an extra filter toward the north. Following that, the pair’s run-up toward the monthly high of around 1.3890 and then to the 1.4000 psychological magnet can’t be ruled out. Overall, USDCAD is likely to remain on the bear’s radar but needs strong Canada inflation data to drop further.
by MTradingGlobal
USD / CAD TECHNICAL OUTLOOK1) USD /CAD moves downside to 1.3700 on weaken US Dollar. 2) The bearish outlook for USD / CAD remain below the 50, 100 AND 200 moving average ( 1 hour TF ). 3) Major support level seen at 1.3655. Technically, the bearish outlook for USD/CAD remains intact as the pair holds below the 50- and 100-day Exponential Moving Averages (EMAs) on the four-hour chart. Additionally, the Relative Strength Index (RSI) is located in the bearish territory below 50, which means the path of the least resistance of USD/CAD is to the downside.
Short
by tradewith_ritik
Rising wedge confirmation favors USDCAD bears at 13-day lowUSDCAD posted the biggest weekly loss in more than seven months amid broad-based US Dollar weakness and the upbeat performance of WTI crude oil, which is Canada’s biggest export earner. In doing so, the Loonie pair also confirmed a two-month-old rising wedge bearish chart formation. Also strengthening the downside bias are bearish MACD signals and an absence of oversold RSI. With this, the quote is likely to extend the latest south-run towards the theoretical target of rising wedge confirmation, i.e. 1.3220. That said, the 50-SMA restricts the immediate downside of the pair to around 1.3630 while a convergence of the 100-SMA and 50% Fibonacci retracement of the July-November upside, near 1.3490, will act as an extra filter toward the south. Meanwhile, the USDCAD pair’s corrective bounce appears less impressive unless it stays below the aforementioned wedge’s bottom line, close to 1.3760 by the press time. Even if the Loonie pair crosses the 1.3760 immediate upside hurdle, the wedge’s top line and the recent peak, respectively near 1.3890 and 1.3900, should check the bulls before giving them control. Additionally, the previous yearly top surrounding 1.3980 and 1.4000 psychological magnet will also prod the quote’s upside. Overall, the USDCAD pair is likely to remain bearish during the trading week comprising lesser data/events.
by MTradingGlobal
USDCAD ANALYSIS OVER H4 CHART.USD/CAD tumbles to near 1.3800 as investors see Fed rates peak for now The USD/CAD pair falls vertically after a short-lived pullback to near 1.3850 in the European session. The Loonie asset faces an intense sell-off as the US Dollar extends downside on expectations that the Federal Reserve (Fed) is done with hiking interest rates for now. S&P500 futures generated significant gains in the London session, portraying a decent improvement in the risk appetite of the market participants. US equities were heavily bought on Wednesday as the Fed kept interest rates unchanged in the range of 5.25-5.50%. Fed Chair Jerome Powell kept expectations of further policy-tightening alive as the US economy is resilient due to robust consumer spending and tight labor market conditions.
Short
by charliedavies770
Correction Continuation/over in USDCAD.Elliott Wave Analysis:- A up wave was completed and a correction was over. If it continues the upside move then an impulse was already in formation. But if it is a correction was then it will be a connecting wave and the correction will become a correction continuation wave. my view is one impulse was over in this time frame next to w) wave . if it may go up without breaking down of W) wave then it will form a 5th wave. another view:- If the correction wave breaks the top of 2nd wave then entire correction will be correction wave and impulse marking will get failed. wait and watch the wave formation. i am not a SEBI registered advisor. Before taking a trade do your own analysis or consult a financial advisor. I share chart for education purpose only. I share my trade setup.
by n0m0ret0ss
USDCAD bears attack resistance-turned-support near 1.3650USDCAD remains pressured for the third consecutive day after reversing from a 6.5-month high marked last week. In doing so, the Loonie pair struggles to justify the recent run-up of the US Dollar, mainly due to the risk-off mood, as Canada’s main export item, namely WTI crude oil, jumps 4.0% on geopolitical fears surrounding the Israel war. Apart from the strength of the Greenback and the WTI, a one-year-old previous resistance line surrounding 1.3650 also challenges the pair sellers. Should the quote break the 1.3650 support, sellers could rush toward the mid-January swing high near 1.3520. However, a convergence of the 200-day SMA and a three-month-old rising support line, close to 1.3460, will be a tough nut to crack for the pair bears. Meanwhile, the 1.3700 threshold guards the immediate upside of the USDCAD pair ahead of the latest swing surrounding 1.3785. Following that, the yearly high marked in March around 1.3865 and the 1.3900 round figure could lure the Loonie pair buyers. It’s worth noting that the previous yearly peak of near 1.3980 and the 1.4000 psychological magnet will challenge the pair’s upside past 1.3900 before giving a free hand to the bulls. Overall, USDCAD remains on the bull’s radar despite the latest retreat from the multi-month high.
by MTradingGlobal