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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USDCAD jumps to one-month high ahead of Canada inflationUSDCAD rises for the fourth consecutive day while poking the 200-SMA as the pair traders await Canadian inflation data, namely the Consumer Price Index (CPI) and the Bank of Canada (BoC) CPI. It’s worth noting that the firmer RSI (14) line and the bullish MACD signals favor the latest bull run. Adding strength to the upside bias is the daily closing beyond the previous resistance line stretched from early November. However, the RSI line is approaching the overbought territory and hence suggests a limited upside room for the quote. As a result, the 200-SMA level of 1.3480 appears a tough nut to crack for the Loonie pair buyers, a break of which will open doors for the quote’s quick run-up toward the previous monthly high of around 1.3620. Meanwhile, the USDCAD pair’s pullback remains elusive unless the quote stays beyond the resistance-turned-support line of around 1.3400. Should the Loonie pair remain bearish past 1.3400 and gain support from upbeat Canada inflation data, its further declines toward the 78.6% Fibonacci retracement of the July-November upside, near 1.3260, followed by the previous monthly low of around 1.3180, can’t be ruled out. It’s worth noting, however, that the year 2023 low marked in July near 1.3090 and the 1.3000 psychological magnet appears as the last defense of the pair buyers. Overall, the USDCAD pair secures its place on the bull’s radar ahead of the key Canada data.
by MTradingGlobal
USD/CAD Big Belt on Buy PatternThe USD/CAD chart is exhibiting a compelling technical pattern known as the "big belt on buy." This pattern is characterized by a prominent and sustained bullish trend, resembling a significant upward belt on the price chart. Key Features: Strong Bullish Momentum: The chart displays a robust and sustained upward movement, indicating a prevailing bullish sentiment in the market. Consistent Buying Pressure: Buyers have been consistently dominating the market, leading to a series of higher highs and higher lows. Clear Breakout: The pattern may be accompanied by a clear breakout from a key resistance level, signaling a potential acceleration in the upward momentum. Volume Confirmation: Analyzing trading volumes can provide additional confirmation. An increase in trading volume during the bullish phases reinforces the strength of the pattern. Supportive Indicators: Complementing the chart analysis with relevant technical indicators, such as moving averages or RSI, can offer further insights into the sustainability of the bullish trend. Trading Strategy: Traders may consider initiating long positions or reinforcing existing ones, aligning with the prevailing uptrend. Setting stop-loss orders and identifying potential profit-taking levels are crucial elements in managing risk and maximizing potential gains.
Long
by Sefinsha
USDCAD Bullish Kangaroo Tail Signals Potential Upside Amid CPI D📈 Trade Idea Overview: The USDCAD pair presents an intriguing opportunity with the emergence of a Bullish Kangaroo Tail candlestick pattern, suggesting a potential reversal in the current downtrend. This formation, characterized by a long lower wick and a small body, indicates a rejection of lower prices and a possible shift in market sentiment. 📊 Technical Analysis: Bullish Kangaroo Tail: The recent candlestick pattern near key support levels on the USDCAD chart signals bullish momentum. Traders may consider this as a buying opportunity. Fibonacci Confluence: The Bullish Kangaroo Tail aligns with significant Fibonacci retracement levels, reinforcing the potential for a bullish reversal. 📆 Upcoming Catalyst: Market participants should keep an eye on the upcoming Consumer Price Index (CPI) data release, as it can act as a catalyst for increased volatility. Positive CPI figures may further support the bullish bias, while negative results could pose a challenge to the anticipated reversal. 🎯 Potential Targets: Short-term: Target the recent swing high as a conservative profit target. Medium-term: Aim for higher resistance levels, considering the broader trend reversal. 🛑 Risk Management: Implement proper risk management strategies, including setting stop-loss orders based on technical levels and market conditions. 🚨 Caution: Trading involves risk, and it's essential to stay informed about economic events and adapt your strategy accordingly. Always use proper risk management to protect your capital. 📈📉 Disclaimer: This is not financial advice. Traders should conduct their own research and consider their risk tolerance before making any trading decisions.
Long
by Sefinsha
USDCAD LONGthis trade was taken for a long as soon as it passed the first break-out zone that was fixed by looking at the support and resistance zones that were set and once the target zone was crossed the force that it went was so fast that it hit the resistance zone in no time but what was predicted that it would cross the resistance zone and shoot out bullish didn't happen so had to take profit Mistakes to be corrected : entered in the middle of the trade by missing the trade alerts and set up
Long
by JasonGagarin
USDCAD retreats from 1.3600 resistance ahead of BoC announcementUSDCAD takes offers to refresh the intraday low near 1.3570 while snapping a two-day uptrend ahead of the Bank of Canada (BoC) Interest Rate Decision. In doing so, the Loonie pair reverses from a convergence of the 100-day Exponential Moving Average (EMA) and a month-old descending trend line, around 1.3600 by the press time. It’s worth noting that the BoC is expected to keep the monetary policy unchanged but the latest rebound in the Crude Oil price, Canada’s key export, could join the hawkish commentary from the central bank, if any, to drag the quote further toward the 200-EMA. The expectations of a pullback in prices also take clues from bearish MACD signals and sluggish RSI. That said, the quote’s weakness past the 200-EMA level of 1.3518 appears difficult as the bottom line of a five-week-old bearish channel, forming part of a broader “bull flag” formation, could challenge the bears around 1.3470. Alternatively, a daily closing beyond the 1.3600 resistance confluence will enable the USDCAD buyers to aim for the bull flag confirmation by crossing the 1.3685 upside hurdle. Following that, the quote’s theoretical rally towards 1.4500 gains attention. However, the previous monthly high of around 1.3900 and the 1.4000 psychological magnet could test the Loonie pair buyers. It should be observed that the April 2020 high surrounding 1.4300 also acts as an upside filter should the quote remain firmer past the 1.4000 threshold. Overall, the USDCAD is likely to decline ahead of the BoC’s verdict. However, the downside room appears limited.
by MTradingGlobal
USD/CAD trend 27/11USD/CAD broke out from the uptrend channel (1) early last week, officially ending the upward trend that started in early July. By the end of last week, the USD/CAD closed at 1.3624, clearing the buying from the support level of 1.3650(3). In the coming week, expecting a new round of selling with a temporary target near the 100-day MA(2) around 1.3550. This week, besides keeping an eye on the US inflation data on Thursday, it is also important to pay attention to the delayed OPEC+ meeting. If the news comes out that OPEC+ will extend or even increase production cuts, there is a chance that the USD/CAD may drop even further. S-T Resistances: 1.3734 1.3680 1.3650 Market price: 1.3648 S-T Supports: 1.3620 1.3580 1.3550 If you like my work, please give me a thumbs up 👍. Feel free to leave a comment; share your thoughts 🤟. P. To
Short
by 1uptick