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U.S. Dollar / Canadian Dollar

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from monthly to m15 using smart money and retail baseWhat Is Price Action? Price action is the movement of a security's price plotted over time. Price action forms the basis for all technical analyses of a stock, commodity or other asset charts. Many short-term traders rely exclusively on price action and the formations and trends extrapolated from it to make trading decisions. Technical analysis as a practice is a derivative of price action since it uses past prices in calculations that can then be used to inform trading decisions. KEY TAKEAWAYS Price action generally refers to the changes of a security's price over time. Different looks can be applied to a chart to make trends in price action more obvious for traders. This is especially true when analyzing data covering different time periods. Technical analysis formations and chart patterns are derived from price action. Technical analysis tools like moving averages are also calculated from price action and projected into the future to inform trades. Though many use price action to forecast future prices, prior price action does not guarantee future results.
Long
by rubanpaypal1
USDCAD H1 Bullish ForecastUnited States Dollar vs Canadian Dollar USDCAD BULLISH H1 US Dollar has been down over the past week and it is really amazing to spot an opportunity for the upcoming raise of US Dollar. Technical analysis: We found several reasons for the USDCAD pricing to go high. 1. USDCAD has pumped up from support level around 1.32313, where 8H TM was managed to be kept by bulls. 2. 1H TM raising trendline has been respected in the recent pricing in rows, after the second touch the price has printed a cup where the handle in process of making, from the end of handle we expect third touch of raising trendline where we'll enter our buying positions for our clients. The entry zone may be 1.33586 or 1.33523. Target1 There'll be resistance around 1.34088 this will be first target for short time traders and BreakEven for long time traders. Target 2 The 1.34994 area is next resistance for buyers once the first target is done.
Long
by CELGIB_TRADING
1
USDCAD bears are far from taking control USDCAD posted the biggest daily slump in six years on Friday and pushed back the bulls. The bears, however, have a long way to cover before taking control as a 15-month-old rising trend line, around 1.3330 by the press time, defends the upside expectations. Even if the quote breaks the said key support, the 61.8% Fibonacci retracement of August-October upside, near 1.3200, appears the last defense of the buyers before finally welcoming the sellers. Alternatively, recovery moves need successful trading beyond 1.3500 to convince the USDCAD buyers. Even so, the 23.6% Fibonacci retracement level and the monthly high, respectively around 1.3680 and 1.3810, could challenge the upside momentum. Following that, multiple hurdles near 1.3840-50 will precede the yearly top surrounding 1.3980 to probe the bulls. If the pair rises past 1.3980, the 1.4000 psychological magnet and the 61.8% Fibonacci Expansion (FE) of September-October moves, close to 1.4135, should be in the spotlight. Overall, USDCAD may witness a bit of corrective due to the 50-DMA break but the downtrend is far from here.
by MTradingGlobal
USDCAD buyers have a long road ahead as the key week beginsUSDCAD crossed a one-week-old resistance the previous day but stayed on the way to the first monthly loss in three inside a fortnight-long bearish channel. That said, the 100-SMA level surrounding 1.3725 acts as an immediate hurdle to test the pair buyers before directing them to the stated channel’s upper line, close to 1.3745 at the latest. Following that, there are multiple levels near 1.3840-50 which could challenge the upside move targeting a fresh yearly top, currently around 1.3980. It’s worth noting that the 1.4000 psychological magnet may offer an extra buffer to the north before giving control to the bulls. Alternatively, the resistance-turned-support near 1.3555 and a monthly horizontal support zone surrounding 1.3500-3495 could restrict the short-term downside of the USDCAD pair. Following that, the aforementioned channel’s lower line, around 1.3460, might act as the last defense for the buyers. It should be observed that September 22 swing low near 1.3410 and the 1.3400 round figure might check the bears ahead of directing them to the 61.8% Fibonacci retracement level of the September-October advances, at 1.3343. Overall, USDCAD consolidates monthly loss as traders brace for the key week including the Fed’s verdict, US NFP and Canadian employment numbers.
by MTradingGlobal
Rising wedge challenges USDCAD bulls below 1.4000USDCAD retreats from the highest level in 29 months as bulls appear to run out of steam. That being said, the recent moves of oscillators and the rising wedge bearish formation on the top teases sellers at the multi-month top. However, a clear downside break of the stated pattern’s support line, around 1.3930 by the press time, as well as the smashing of the 100-SMA level of 1.3695, becomes necessary for the bears. Following that, a south-run towards the monthly low near 1.3500 seems quick on the way to the theoretical target of 1.3400. Alternatively, the 61.8% Fibonacci Expansion (FE) of the USDCAD pair’s moves between September 14 and October 05, around 1.3935, could lure the intraday buyers ahead of the aforementioned wedge’s top, close to the 1.4000 psychological magnet. In a case where the quote stays firmer past 1.4000, the 78.6% FE level near 1.4050 could challenge the upside momentum before directing the bulls towards the May 2020 peak surrounding 1.4175. Overall, USDCAD grinds higher inside a bearish chart formation to appear risky for the fresh long positions.
by MTradingGlobal