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USDCAD trade ideas

Dollar Hits 6.5-Month High as Central Banks Adjust RatesOn September 21, 2023, the U.S. dollar reached its highest level in 6.5 months after the Federal Reserve indicated that it will continue its restrictive monetary policy. The Swiss franc weakened as the Swiss National Bank decided to keep rates unchanged for the first time since March 2022. The Federal Reserve held interest rates steady within the expected range of 5.25%-5.50%. However, they emphasized their commitment to a hawkish policy that aims to control inflation without harming the economy or causing job losses. The Fed's updated projections suggest that interest rates will be tighter than previously thought until 2024. In Europe, Sweden's Riksbank and Norway's central bank raised rates as expected. The pound fell to its lowest level since April ahead of the Bank of England's policy announcement. The Japanese yen reached its lowest level since November before the Bank of Japan's policy announcement on Friday. However, market analysts doubted that there would be any significant policy changes in the meeting. Both the Australian and New Zealand dollars weakened after the Fed's meeting. However, the New Zealand dollar received some support after better-than-expected economic growth data for Q2 2023. European equities faced challenges as the Fed hinted at the possibility of another rate hike, following a rapid increase in rates over the past 18 months. This was further impacted by the Swiss National Bank's decision to keep rates unchanged and Norway's central bank signaling a potential rate hike in December.
by HiumanPre
12
USDCAD sellers need validation from 1.3430 and Canada inflationUSDCAD stays pressured at the lowest level in a month after breaking a six-week-old horizontal support. Adding strength to the downside bias is the Loonie pair’s sustained trading below the 200-SMA. However, the nearly oversold RSI (14) line and sluggish MACD signals prod the bears, which in turn highlights a two-month-old ascending support line, close to 1.3430 at the latest. It should be noted, however, that a downside break of the 1.3430 support will make the quote vulnerable to drop towards the 50% Fibonacci retracement of July-September upside, near 1.3390, and to the 61.8% Fibonacci ratio of 1.3320 ahead of directing the bears toward multiple tops marked in July and August around 1.3230. Meanwhile, a horizontal area comprising multiple levels marked since early August, between 1.3490 and 1.3500, guards the immediate recovery of the USDCAD pair. Also acting as the nearby upside hurdles for the Loonie pair is a one-week-old descending trend line and 200-SMA, respectively near 1.3510 and 1.3530. It should be noted that the quote’s run-up beyond 1.3530 will aim for the 1.3600 and the double tops marked in late August around 1.3635-40. In a case where the bulls manage to keep the reins past 1.3640, the monthly high surrounding 1.3700 will be in the spotlight. Overall, the USDCAD pair is likely to decline further but the downside room appears limited.
by MTradingGlobal
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
2
USDCAD bulls jostle with 1.3640-50 crucial resistance on BoC DayUSDCAD bulls struggle to keep the reins at a five-month high as markets await the all-important Bank of Canada (BoC) Interest Rate Decision and the US ISM Services PMI for August. That said, the nearly overbought RSI and impending bear cross on the MACD checks buyers as they attack a convergence of an 11-month-old descending resistance line and a horizontal region comprising multiple levels marked since late April, close to 1.3640-50. As a result, the pair’s upside appears difficult and hence needs a strong boost from the BoC, as well as US data, to cross the stated hurdle, which in turn could propel prices towards the yearly high marked in March around 1.3865. Following that, the late 2022 peak of 1.3980 and the 1.4000 psychological magnet will gain the market’s attention. Meanwhile, the USDCAD pullback may initially aim for the 38.2% Fibonacci retracement of August-October 2022 upside, near 1.3500, ahead of retesting the 200-DMA support of 1.3465. In a case where the Loonie pair remains bearish past 1.3465, the early July swing high of 1.3385 and the 61.8% Fibonacci retracement surrounding 1.3200, also known as the Golden Fibonacci ratio, will be on the seller’s radar. Finally, the yearly low marked in July around 1.3090 acts as the last battle point for the buyers, a break of which won’t hesitate to drag the pair below the 1.3000 psychological magnet. Overall, USDCAD remains bullish but may witness a pullback before the further upside, unless the BoC and US data offer surprises.
by MTradingGlobal
#usdcad short from 1.3620#usdcad broke the upward triangle and has the chance to test 1.3620 and then it has more tendency to drive downward move. In case due to market conditions if it breaks above 1.3630 then it has more movementum up, for now I'm supporting a short on USDCAD. If you like my idea, please like and share with your friends for more reach and to encourage me :) DM me if you come across any questions will discuss in brief about any currency pair technical analysis. #money #currency #inflation #trading #trader #trading #stockmarket #forextrader #forextrading #forex #stocks #stocktrading #options #optiontrading #money #cash #investor #investing #futures #eurusd #usdcad #gbpjpy #bipaforexacademy
Short
by BipaForexAcademy