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USDCAD trade ideas

USDCAD Analysis on H1 Chart.Overall, USD/CAD is ranging across. Recently, USD/CAD broke above the key level of 1.27. The Canadian Manufacturing PMI data (Forecast: NA, Previous: 57.2) will be released later at 2230 (GMT+8). The OPEC+ will be holding their meetings today. Pay attention to whether the organization will make any changes to its planned oil production hike of 400,000 barrels-per-day. USD/CAD’s next support zone is at 1.26100 and its next resistance zone is at 1.29000. Look for short-term Selling opportunities of USD/CAD.
Short
by charliedavies770
USDCAD bears have miles to go before retaking controlsUSDCAD bears are yet to provide a convincing sign of return despite Friday’s heavy fall. The 100-DMA, surrounding 1.2620, acts as an immediate hurdle to get more sellers on the board. However, the 200-DMA and an ascending support line from May, respectively around 1.2500 and 1.2420, become crucial challenges for the pair bears. Should USDCAD drop below 1.2420, odds of witnessing the quote’s downside to October month low close to 1.2285 can’t be ruled out. It’s worth noting that the RSI line has a small passage before testing the oversold territory and the MACD is losing the bullish bias, suggesting short-term declines. On the contrary, the corrective pullback may aim for 23.6% Fibonacci retracement of May-December up, near 1.2740. However, July’s high and a monthly horizontal hurdle, near 1.2810 and 1.2850 in that order, will challenge the USDCAD bulls afterward. Adding to the upside filter is September’s top of 1.2895 and 2021 peak close to 1.2965, not to forget the 1.3000 psychological magnet. That said, the Loonie pair bulls seem to have eased but the bears are yet to justify their strength.
by MTradingGlobal
Six-week-old support line, 200-SMA test USDCAD bears USDCAD sellers cheer a rising wedge bearish pattern confirmation at the yearly top amid downbeat MACD and RSI signals to keep the reins during the last days of 2021. However, a clear downside break of an ascending trend line from November 10, near 1.2735, followed by the 200-SMA surrounding 1.2715, becomes necessary to witness further losses. In that case, the monthly low near 1.2605, also comprising mid-November top, will be a tough nut to crack for the pair sellers. Meanwhile, the corrective pullback may aim for the early month tops near 1.2855 before challenging the support-turned-resistance line of the wedge, around 1.2920. Should the USDCAD buyers manage to stay in command past 1.2920, they won’t hesitate to refresh the yearly top while eyeing another battle with an ascending resistance line from December 03, close to 1.3010.
Short
by MTradingGlobal
USDCAD bulls attack five-month-old resistanceUSDCAD posted the highest daily close of 2021 on Friday, bouncing off 10-day EMA. However, an upward sloping trend line from July challenges the pair buyers amid nearly overbought RSI conditions, teasing a pullback. Should the 10-day EMA level of 1.2790 fails to trigger another bounce, a downward trajectory towards 50-day EMA near 1.2650 can’t be ruled out. During the quote’s weakness past 1.2650, June’s high and 50% Fibonacci retracement of June-August upside, around 1.2470, will be an important level to watch. Meanwhile, a clear upside break of the stated resistance line near 1.2900 will aim for the yearly top of 1.2948 and the 1.3000 psychological magnet. Though, RSI conditions may challenge the USDCAD buyers then after. If not, then November 2020 peak close to 1.3130 should return to the charts. To sum up, USDCAD bulls seem to have tired of late, which in turn suggests consolidation of the latest gains but the trend reversal is far away.
by MTradingGlobal
USDCAD looks to 1.2550 on BOC dayA clear downside break of 100-SMA and monthly rising channel joins bearish MACD signals to keep USDCAD sellers hopeful as they brace for the Bank of Canada (BOC) Interest Rate Decision on Wednesday. It should, however, be noted that the RSI line inches closer to the oversold territory, suggesting a bumpy road to the south. That said, multiple tops marked during early November highlights 1.2590 as an intermediate halt before the quote drops towards 200-SMA and a six-week-old ascending support line near 1.2550. During the pair’s rebound, 100-SMA level surrounding 1.2690 and the 1.2700 threshold may test the buyers. Following that, the lower line of the stated broken channel, around 1.2790, will be important to watch as a clear run-up beyond the same will open the door for the USDCAD buyers targeting the weekly resistance line near 1.2865. In a case where the pair rises past 1.2865, the 1.2900 round figure, upper line of the channel close to 1.2935 and the yearly peak of 1.2950 will probe buyers ahead of the 1.3000 psychological magnet.
Short
by MTradingGlobal