USDCAD trade ideas
USDCAD struggles to keep recovery around 1.2600USDCAD’s rebound from a weekly low fails to cross the 200-SMA hurdle amid a holiday-thinned trading session on Friday. Not only the 200-SMA level surrounding 1.2630 but a downward sloping trend line from March 08, near 1.2660, also challenge the pair’s upside momentum. It’s worth noting that the quote’s upside past 1.2660 needs validation from the monthly high around 1.2680 and early March month’s low near 1.2695 to convince buyers. Other than the multiple hurdles to the north, steady RSI and sluggish MACD also challenge the Loonie pair’s advances.
On the contrary, pullback moves may aim for the 1.2540 support convergence comprising the 100-SMA and a three-week-old horizontal area. Following that, multiple levels marked since late March will challenge the USDCAD bears around 1.2460. In a case where the prices drop below 1.2460, the monthly bottom near 1.2400 and the 61.8% FE of March-April moves, close to 1.2360, will be on sellers’ radars.
usdcad upcoming days target and support only use educational useNote: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss.
Disclaimer: Im not tip provider and this chart is not indented to take trade in my levels. It is all your own risk.
USD/CAD Short USD/CAD has shown a weakness for weeks and continued the bearish move. The price tried to reverse the trend from the support level of 1.2695 but then faced a big rejection and continued falling before finding support at 1.2612. We see the trend is still going strong and proceeded to break 1.2612 too and did a retest. Once the price continues the move downwards after retest, we'll have our entry.
USDCAD ANALYSIS ON H4 CHART.Overall, USD/CAD is ranging across. Recently, USD/CAD broke below the key level of 1.28.
The Canadian employment data released last Friday indicated a strong rebound in the jobs market from the previous month’s loss of jobs.
- Employment Change (Actual: 336.6K, Forecast: 132.0K, Previous: -200.1K)
- Unemployment Rate (Actual: 5.5%, Forecast: 6.2%, Previous: 6.5%)
USD/CAD’s next support zone is at 1.26100 and the next resistance zone is at 1.29200.
Look for short-term selling opportunities of USD/CAD.
long trade return expectation 4.5% stoploss 0.5%after a fresh impulse wave (i) the market
went into the consolidation cum correction via wxy wave structure .
Now fresh impulse is being generated (with a pin bar on 4H CANDLE )
invalidation levels marked for traders , for investors there is no need of stoploss ..
best wishes ..