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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

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
USDCAD View!The Canadian dollar strengthened against the greenback on Friday, and the yield on benchmark government debt slipped. The loonie USDCAD was trading 0% higher at C$1.363 to the greenback, or 73.37 U.S. cents, after trading in a range of 1.3612 to 1.3638. Canadian government 10-year bond yields (CA10YT=RR) fell 1 basis points to 3.425%. The yield on similar U.S. government benchmark debt rose to 4.2061%. U.S. August crude CL1! futures rose 67 cents to $83.29 a barrel on Friday. The value of building permits in Canada fell -12.2% in May, Statistics Canada said.
by FXBANkthe8055
US dollar dips as Fed's Powell's dovish comments offset upbeat jFed's Powell says "significant progress" made on inflation U.S. job openings rise in May -JOLTS report ECB's Lagarde says euro zone is advanced on disinflation path The dollar slipped on Tuesday in choppy trading after Federal Chair Jerome Powell struck a slightly dovish tone in his comments, suggesting that the U.S. central bank is more than likely to start its easing cycle later this year. Powell, in a monetary policy conference in Portugal, said the U.S. economy has made significant progress on inflation as it gets back on the disinflationary path. His remarks were viewed as dovish, analysts said. "Fed chair Jerome Powell let his dovish plumage show. In our view, he put a September rate cut firmly on the table by acknowledging 'significant progress' in bringing inflation down, and pointing to the 'two-sided risks' facing policymakers as labour markets begin to cool," said Karl Schamotta, chief market strategist at Corpay in Toronto.
Long
by FXBANkthe8055
CAD$ gains as economy shows 'more of a pulseThe Canadian dollar strengthened against its U.S. counterpart on Friday as domestic data showed the economy growing in both April and May, but the currency still posted its second straight quarterly decline. The loonie USDCAD was trading 0.3% higher at 1.3665 to the U.S. dollar, or 73.18 U.S. cents, regaining some ground after it earlier touched its weakest level since June 18 at 1.3734. For the month, the currency weakened 0.3% as the Bank of Canada became the first G7 central bank to cut interest rates, while it was down 0.9% for the second quarter. Canada's gross domestic product increased 0.3% in April, matching market expectations, as growth rebounded in sectors including wholesale trade and manufacturing, while an advanced estimate showed the economy expanding a further 0.1% in May.
Long
by FXBANkthe8055
USDCAD ANALYSIS OVER H1 CHART.USDCAD Technical Analysis – 1 hour Timeframe On the 1 hour chart, we can see that we have a downward trendline and the 61.8% Fibonacci retracement level adding some extra resistance to the 1.3680 level. This is the area where the sellers will keep on piling in from to position for a drop, while the buyers will want to see it failing to gain more conviction for an extension to the upside. The Horizontal ray define the average daily range for today. Upcoming Catalysts Today we get the latest US Jobless Claims figures, while on Friday we conclude the week with the Canadian GDP and the US PCE report.
Long
by charliedavies770
1
USDCADUSD/CAD 1-Hour Analysis: Bullish Reversal Setup Chart Overview: This USD/CAD 1-hour chart analysis highlights a potential bullish reversal setup. The chart outlines key support and resistance levels, along with potential price action paths. Key Points: Trend Analysis: The chart shows a series of lower highs (LH) and lower lows (LL), indicating a prior downtrend. However, the recent price action suggests a potential shift in momentum. Support and Resistance Levels: Support: A significant support zone is highlighted around the 1.36700 level, shown with a grey shaded box. This area has previously acted as resistance and is now expected to provide support. Resistance: The resistance level to watch is around 1.37700, as indicated by the projected price path. Bullish Reversal Signal: The recent price action indicates a potential bullish reversal, with the price breaking above the previous lower high (LH). This suggests that the bearish momentum may be weakening. Potential Price Path: The analysis suggests a potential pullback towards the support zone around 1.36700, followed by a bullish continuation towards the resistance level around 1.37700. The projected price path is indicated by the upward arrow, showing the expected move after a pullback. Market Sentiment: The overall sentiment is cautiously bullish given the potential reversal signal and the support zone holding. Traders should watch for confirmation of the reversal with higher lows (HL) and higher highs (HH). Trading Plan: Look for buying opportunities on pullbacks towards the support zone around 1.36700. Consider placing stop-losses just below the support level to manage risk. Target the resistance level around 1.37700 for potential take-profits. This analysis suggests a potential bullish reversal for USD/CAD, with a buying opportunity on pullbacks towards the support zone. Traders should ensure proper risk management and stay updated with any external economic factors that may influence the price movement.
Long
by harshkjogadia
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.
Long
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.
Long
by okako_trading
USDCAD ANALYSIS OVER H1 CHART.USD/CAD dips to about 1.3650 as a result of increased risk appetite and rising oil prices. Following two days of advances, the USD/CAD pair declines, trading on Thursday during the Asian session at 1.3680. Following the release of conflicting economic data in the US, which stoked interest rate decrease rumors by the US Federal Reserve (Fed), the US Dollar (USD) suffered. On Friday, investors will be watching for the release of important US employment data, such as nonfarm payrolls and average hourly earnings. The US dollar and the USD/CAD pair are weakened as a result of investors' negative opinion toward the Fed's rate drop. On Friday, investors will be watching for the release of important US employment data, such as nonfarm payrolls and average hourly earnings. Looking for a good Selling Opportunity.
Short
by charliedavies770
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.
Long
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.
Long
by okako_trading