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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USD/CAD Elliottwave I’ve mapped out an Elliott Wave structure for USDCAD on the 2-hour chart. Currently, the pair is progressing through the wave sequence, and I’m anticipating a final push to complete the 5th wave around the 1.4160 level. 🔹 Key Levels to Watch: Potential retracement zones for waves 3 and 4 are highlighted, which could present good opportunities for those looking to enter or add positions. This chart is free for everyone—feel free to use it as part of your trading plan! 🙌 If you find value in my analysis and would like to show some gratitude, consider supporting via Your support helps me keep sharing insights like these with the community! #Forex #ElliottWave #USDCAD #TechnicalAnalysis #Trading
Long
by Elliottwave-Edge
USDCAD MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Short
by okako_trading
USDCAD MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Short
by okako_trading
USDCAD renews 13-week high ahead of BoC, US PMIUSDCAD rises for the sixth consecutive day while extending the early-week breakout of a downward-sloping resistance line from mid-April, now immediate support, as traders await the Bank of Canada (BoC) Interest Rate Decision. Apart from the trend line breakout and dovish expectations from the BoC, hopes of witnessing upbeat US S&P Global PMI for July and softer prices of Canada’s key export, namely Crude Oil, also propel the Loonie pair. However, the RSI (14) line approaches the overbought territory, which in turn highlights an 8.5-month-old descending trend line resistance surrounding 1.3815 as the key upside barrier for the bulls. Even if the quote manages to remain firmer past 1.3815, the yearly high of near 1.3845 and the early November 2023 swing top surrounding 1.3855 will act as additional hurdles for buyers before directing them toward the 2023 high of 1.3900 and then to the 1.4000 psychological magnet. Meanwhile, a hawkish surprise from the BoC and/or downbeat US data and strong crude oil prices might drag the USDCAD pair back toward the resistance-turned-support line surrounding 1.3750. It should be observed, however, that a convergence of the 50 and 21 SMAs, near 1.3685-80 by the press time, appears a tough nut to crack for the Loonie pair bears. In a case where the quote remains weak past 1.3680, the 61.8% Fibonacci ratio of the November-December 2023 downturn, around 1.3625, will precede the 200-SMA level of 1.3598 to act as the final defense of the bull before giving total control the sellers. Overall, the USDCAD is likely to extend the latest run-up toward the key upside hurdle. However, the quote’s rush to refresh the yearly peak needs some time and/or a strong catalyst.
by MTradingGlobal
USDCAD 6Hr TF!Canadian dollar falls 0.2% against the greenback Touches its weakest since July 2 at 1.3747 Retail sales fall 0.8% in May 10-year yield rises 1.8 basis points to 3.399% The Canadian dollar weakened to a 17-day low against its U.S. counterpart on Friday as Canadian retail sales fell more than expected and investors weighed the potential for a change of leadership in the United States to roil global trade. The loonie USDCAD was trading 0.2% lower at 1.3730 to the U.S. dollar, or 72.83 U.S. cents, after touching its weakest intraday level since July 2 at 1.3747. For the week, the currency was down 0.7%.
Long
by FXBANkthe8055