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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USDCAD ANALYSIS ON H4 CHART.Overall, USD/CAD is trending downwards. The Canadian retail sales data will be released later at 2130 (GMT+8). Core Retail Sales m/m (Forecast: 1.1%, Previous: 1.3%) Retail Sales m/m (Forecast: 1.2%, Previous: 1.6%) Currently, USD/CAD is testing to break above the key level of 1.25. Its next support zone is at 1.24500 and its next resistance zone is at 1.26100. Look for short-term buying opportunities of USD/CAD if it breaks above the key level of 1.25.
Long
by charliedavies770
USDCAD sellers attack 1.2450 key support ahead of Canadian CPIAlthough USDCAD buyers keep lurking around an upward sloping trend line from June, failures to stay decisively above the 200-DMA keep sellers hopeful of breaking the 1.2450 support. Adding to the bearish bias are the downbeat MACD and RSI conditions. That said, 61.8% Fibonacci retracement (Fibo.) of June-December 2021 advances, near 1.2370, is likely next support to watch on a clear break of 1.2450. It’s most likely that the RSI will turn oversold at the crucial Fibo. level and trigger a corrective pullback, if not then October’s low of 1.2287 will be on bear’s radar. Alternatively, a disappointment by the monthly Canadian CPI could trigger a much-awaited rebound of the Loonie pair, which will need validation from Friday’s peak of 1.2570. Following that, a convergence of the 100-DMA and a monthly resistance line, around 1.2620, will be crucial for the USDCAD bulls to watch. Should the pair buyers manage to cross the 1.2620 hurdle, the odds of witnessing a run-up towards the monthly high of 1.2813 can’t be ruled.
Short
by MTradingGlobal
USDCAD | The safest point to buy 🔥Hello traders , USDCAD in daily timeframe ,This analysis is prepared in daily timeframe but has been published for better view in 2 days timeframe. In the count that was done, the main waves 1, 2 and 3 have formed a leading downward trend and now the 4 main waves are forming. Wave 4 is formed in a zigzag pattern and from this zigzag the sub-waves a and b are completed and the c-wave is incomplete. From wave c, the microwaves 1, 2 and 3 are completely composed and there can be no definite opinion about wave 4 and 5, but from our point of view, wave 4 is at the end of its trend and then wave 5 climbs to around 1.30. In general, if Fibonacci 0.618 is broken for microwave 4 of wave c or channel channel is broken, there will be no hope for the formation of this ascent. 🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏 ❤️Please, support this idea with a like and comment!❤️
Long
by mahdisoltaninjad
USDCAD Analysis on H4 Chart.Overall, USD/CAD is ranging across. Recently, USD/CAD broke below the key level of 1.27. The Canadian employment data released last Friday indicated a slowdown in jobs creation during last December while unemployment rate inched lower. Employment Change (Actual: 54.7K, Forecast: 24.5K, Previous: 153.7K) Unemployment Rate (Actual: 5.9%, Forecast: 6.0%, Previous: 6.0%) Also, the Canadian Ivey PMI data (Actual: 45.0, Forecast: 64.3, Previous: 61.2) released indicated that business activities in Canada contracted in December. Currently, USD/CAD is trading towards the support zone of 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD if it rejects the support zone of 1.26250.
Long
by charliedavies770
“Head and Shoulders” on 4H keeps USDCAD bears hopefulRepeated failures to cross the 100-SMA dragged USDCAD traders to a decisive point with a “Head and Shoulders” bearish chart pattern luring sellers. However, a clear downside break of the neckline, around 1.2630, becomes necessary for conviction. Following that, a theoretical slump towards the 1.2300 level pops up on the chart. However, the 1.2600 round figure and the mid-November swing lows near 1.2490 may offer intermediate halts during the fall. On the contrary, corrective pullback remains elusive until staying below the 100-SMA level surrounding 1.2795. Also acting as an upside hurdle is the 1.2800 threshold, a break of which could recall the buyers targeting December’s peak of 1.2965. It’s worth noting that 1.2850 and the 1.2900 round figure may offer a bumpy road towards the 2021 peak while the 1.3000 psychological magnet will challenge the USDCAD bulls afterward. Overall, USDCAD is up for extending the bearish consolidation but traders should wait for confirmation.
Short
by MTradingGlobal
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