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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USDCAD IN ASCENDING PARALLEL CHANNELUSD-CAD is in a parallel ascending channel since 19th July. It's very much respecting the support and resistance lines. Once again it's touching the resistance line. I'll wait for it to test the price around the resistance level and then probably get into the position once the RSI and Stochastic for 1h and 2h are oversold or go up. Stop Loss: 1.32337 (I've kept it a bit above last high in the channel.) Take Profit 1 : 1.30279 Take Profit 2 : 1.29465
Short
by amanshu-kataria
USDCAD bears aim for 100-DMA inside 10-month-old rising channelUSDCAD extends the week-start pullback from a three-week high inside an upward sloping trend channel established since late October 2021. Given the downbeat RSI and the bearish MACD signals, the Loonie pair is likely to remain pressured inside the bullish chart formation. However, the 100-DMA support near 1.2785 could challenge the bears. Also acting as a downside filter are the 50% and 61.8% Fibonacci retracements of October 2021 to July 2022 upside, respectively near 1.2755 and 1.2640. In a case where the pair drops below 1.2640 support, the bears could well challenge the bullish pattern while poking the 1.2570 key support. Alternatively, recovery moves could aim for the latest swing high near 1.2985 and the 1.3000 psychological magnet. Following that, multiple tops marked near 1.3075-80 could challenge the USDCAD bulls. However, the aforementioned channel’s resistance line, close to 1.3150 will be a tough nut to crack for the buyers afterward. Even if the pair rises past 1.3150, the latest swing high surrounding 1.3230 will be in focus. Overall, USDCAD remains on the bull’s radar but intermediate pullbacks can’t be ruled out.
by MTradingGlobal
USDCAD Trading Plan - 04/Aug/2022Hello Traders, Hope you all are doing good!! I expect UCAD to go UP after finishing this correction. Look for your BUY setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea
Long
by For3xScalper
USDCAD approaches key resistance inside 250-pip trading rangeUSDCAD bounced off its monthly low on Friday, approaching a convergence of the 100 and 50-SMA around 1.2960-65 at the latest. The recovery moves also gain support from the upbeat RSI, not oversold, as well as recently improving MACD signals. That said, the Loonie pair’s upside past 1.2965 needs validation from the 1.3000 psychological magnet before approaching the 1.3080-85 resistance area. In a case where the prices rally beyond 1.3085, the monthly top of 1.3223 will be in the spotlight. Meanwhile, pullback moves could aim for the 50% Fibonacci retracement of June-July upside, around 1.2870 before challenging the stated trading range’s lower end, around 1.2820. It’s worth noting that a clear downside below 1.2820 could become detrimental for the USDCAD bulls if backed by a clear break of the 1.2800 round figure. In that case, the bears could aim for June’s low near 1.2520. Overall, USDCAD pares recent losses inside a five-week-old trading range.
by MTradingGlobal
FOREX TRADING STRATEGYTF 30 min SIGNAL 200 ema break USE price action as well PIVOTS Fibonacci KEEP RR - 1:4 🎯 win rate - 70% # note : wait for the pullback. If the candle is big enough... then no need to wait for pullback. # keep SL a little above the entry candle # the price respects the weekly fib pivots # check for the overall trend on bigger tf - 1D , 4hrs # avoid weak momentum trades , cuts in the range of 100 to -100 are good # narrow weekly CPR act as good support n resistance # cpr above 200 ema - SELL PROBABILITY # cpr below 200 ema - BUY PROBABILITY # cpr alongside 200 ema - SIDEWAYS TREND
Short
by rforraj
USDCAD UCAD M30 Just after the BMS, we see that fvg that's freshly created and then the sloppiness of price to trade lower. This implies to me that markets will return to fill in the gap before any sell continuation. As markets begin to retrace we anchor our fibs from the the swing high that the move breaking structure originated from to the swing low newly formed. This gives us an OTE precisely where we have our fvg, and the last thing we needed to confirm was the the time of the day being NY killzone, everything was aligning for sells. And our target will be the filling of the imbalance left on the discount part of the trading range.
by JoshFx901
1