USDCAD trade ideas
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
Scalping USDCAD above 1.3550 possible buyersUSDCAD is below 1.36 pushing sellers to 1.3550 and 1.3540 with extention to 1.3530.
All this lows have high buy potencial.
I suggest to wait on buyers and attention to get stuck with a short at this lows.
EURUSD GBPUSD USDCAD market update 28thEURUSD is holding buyers above 1.08, waiting more information. IF above 1.0830 all buyers back to TP 1.0850
Sell expected below 1.0815 to 1.08, below 1.08 all sellers back
IF above 1.0830 all buyers back to TP 1.0850
GBPUSD is holding buyers above 1.23, waiting sellers below 1.23 to 1.2290 below 1.2290 sellers back to 1.2260 and 1.2250
IF above 1.2340 possible buy to 1.2350 and 1.2360
GBPUSD EURUSD attention to highs in both cases.
USDCAD buy prices between 1.3650 and 1.3660 to TP 1.37
USDCAD at an important point.FX:USDCAD
Short if the Usd Cad crosses the support line with a good volume.
Decending trange pattern Deceding trangle In H2 time frame We can go inter in trade after breackout & retest Lets which Side will breackout this structure
wait for breckout !
Buy USDCAD Target 1.42 and 1.48Dollar has changed its trend and become Bullish mainly after Fed Data and meetings. Euro becoming Bearish all USD pair trend changed to Bullish and USDCAD is already in bullish trend continuation in Daily chart with Target of 1.42 and 1.48 is very visible in chart
USD/CAD BREAKDOWN As Per Smart Money Concepts ..
Usd/cad Currency Pair Its Important Support Zone And Sustain Below .
We Can See Good Down Movement In This pair..
Stop loss Also Mention In Chart.
Disclaimer:- This Post Is Only Educational Purpose . Trade With Your Risk Management.
USDCAD appears well-set for further downside towards 1.3500USDCAD justifies a downside break of a five-week-old ascending trend channel, as well as downbeat RSI and MACD signals, despite marching towards the 61.8% Fibonacci retracement level of October-November 2022 downside, near 1.3690 ahead of the Bank of Canada (BoC) Consumer Price Index (CPI) for February. Should the inflation gauge suggests further rate hikes from the BoC, as it reiterated the readiness to resume the rate hike trajectory if needed, the Loonie pair will have a further downside to trace. In that case, a convergence of the 100-DMA and 38.2% Fibonacci retracement, close to 1.3500, will be a tough nut to crack for the sellers. Following that, the previous resistance line from October 2022 and the 200-DMA, respectively around 1.3430 and 1.3340, may lure the bears.
Alternatively, softer inflation data may trigger the USDCAD pair’s corrective bounce. However, the aforementioned channel’s lower line, close to 1.3800 at the latest, holds the key to the buyer’s entry. Should the quote rises past 1.3800, the monthly peak surrounding 1.3865 and the 2022 peak of 1.3977 may test the bulls ahead of directing them to the stated channel’s top line, near the 1.4000 round figure.
To sum up, USDCAD is likely to decline further as the key Canadian inflation data looms. Even if the statistics disappoint the Loonie pair bears, the life of a corrective bounce appears limited.
