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Forex-usdcad

USDCAD Is Eyeing July 2023 LowsUSDCAD came sharply to the downside back in November and December of 2023, which looks like an impulse in 4h time frame, so more weakness can be seen until we see five subwaves down completed. Ideally, that's now a wave 4 rally from 1.32 that is already trading into 1.3450-1.350 resistance at the 38.2-50% Fibo., around the former swing low. Ideally market will resume lower from here, especially if rising trendline support from the low is broken. Then, weakness will resume into final wave 5. Confirmation is below 1.3340 region.
Short
by ew-forecast
Pennant - UCADHere I have USD/CAD on the Daily Chart! Price has been creating Higher Lows into Lower Highs which is outlining a Pennant Pattern! Important factors to mention: The High price created at the First Touch of the Falling Resistance was unable to stay above the Previous Highs made on Oct. 13th '22 and Mar. 10th '23 and seems to be struggling with this Resistance at 1.38621. The USD has been severely falling since last weeks news on CPI BUT could potentially find support at this 103.0 area like it did last time it was here on Aug. 31st! Fundamentally this week: USD - FOMC Meeting (Tues) Unemployment Claims (Wed) Thanksgiving* (Thur) Flash PMI (Fri) CAD - CPI (Tues) My bias on the pair at the moment is neutral due to the Heavy flow of News this week and the impact it all may have. WAIT for price to give a PROPER break of either the Falling Resistance or Rising Support! *Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!
by Novi_Fibonacci
USDCAD Sell/ShortPrevious USDCAD post was taken down for reasons. I did call a Sell/Short however is not visible to see no longer. My analysis was on point and we did short at the top. Please continue to follow the signal that is now posted for a great profitable session. Shows clear downtrend M formation and has a classic meltdown from here after a multi-pump day. USDCAD Sell/Short Entry: 1.37887 Stop Loss: 1.38330 Targets: TP: 1.36803 DAY TRADE/SWING TRADE Risk: 2-5% of Capital
Short
by KingTraderFX
5
USDCAD is new today? What is the next trend?Hello, Karina's wonderful friends! USD/CAD has dropped sharply to around 1.3800 as the US dollar weakened amid the Federal Reserve's stable monetary policy. The USD index fell to around 106.16 as investors saw the Fed completing its interest rate hikes. Investors are now waiting for employment data from the US and Canada for further guidance. On the chart, using Karina's Fibonacci retracement, the current downtrend is estimated to potentially extend to the 0.236 level (price level 1.364), which coincides with the vicinity of the 34 and 89 EMA (Exponential Moving Average) acting as support. Overall, in the long term, this currency pair still shows signs of a bullish trend. Perhaps the current price decline is serving as a corrective move. What are your thoughts on USD/CAD?
by Karina_Bella
1
Continuing to maintain an increase trend: Target 1,400Hello dear friends! Currently, USDCAD is pausing at a new high level of 1.386, and the upward trend shows no signs of cooling down. After conquering the resistance level at 1.378, this currency pair has maintained its momentum and continued to increase in value. The previous upward channel has been completely broken, and the next target for the upcoming week is to sustain the upward momentum and continue to seek new highs in a higher range. Karina's target is 1.400, what about you?
by Karina_Bella
5
Bullish on the 1 Hour, Should we TRADE ...? After successive trades to liquidity target, the market seems to have lost its Bearish momentum for a bit. This has seen the market take out our zone in a bid to turning Bullish. For now, we are on a middle course. With the 1 hour reversing Bullish while the 4 hour maintains its Bearish momentum, it is difficult to say whichi direction the market would go for certain. A second look, not at the charts, but to reservoir of knowledge would reveal that the 1 hour is expected to move in the direction of the 4 hour. And so the 1 hour Bulish impulse is expected to form a retracement for the 4 hour chart, following which the 1 hour impulse will be wiped out by the 4 hour extension. This is my perspective on this pair
by PanzyPips
USD/CAD: There is some room for a rebound in the near termHello dear friends! Currently, USDCAD is trading around the price level of 1.363, showing consolidation. From the technical analysis chart, it can be observed that the price range is gradually narrowing and is close to the area of EMA 34. There is a high possibility of an upward price movement if USDCAD breaks out of the current trend and continues to increase towards the target of 1.368 and even higher at 1.378. What about you? Do you agree with this viewpoint?
Long
by Karina_Bella
7
USDCAD FALSE BREAKOUT REVERSAL BACK TO MONTHLY RANGE LOWSThis week I am looking to deploy capital depending on if the overall market outlooks becomes more favorable. I have USDCAD on my watchlist as it has been struggling to break higher above 1.3600 for the past 3 months. Recently, we've had a false breakout 3 times in the past month and each time bears stepped in and drove price back towards lows of 1.3500 creating a congested range. Last week price attempted to go higher again and triggered buyers in but unfortunately that setup was invalidated and bull stops were hit. A key indication of buyers getting weaker last week was that every new wave of the recent uptrend had less buyers preceding the major rejection on Friday 09/08. I look to take shorts down to 1.3570 and see how it reacts around that support level and if strong selling continues I will take it down to range lows of 1.3500. This is a potential +6R for this setup but due to the choppiness of recent price action this trade could also turn into a loss. If my stops are hit, which is very tight, then I will be in cash and await better conditions to arise. What I would look for if my stops are hit is a possible breakout back northbound, but I would need to see strong buying before deploying capital or we could experience more chop in which I will not be trading due to the continuation of poor market conditions.
Short
by bajapips
Strifor || EURUSD-07/17/2023Preferred direction: Neutral Comment: For this currency pair, the best option would be to stay aside from selling. Buying is allowed with minimal risk, as a small movement against sellers is expected in the near future. In addition, the price is close to the daily resistance 1.11861, so far it is too early to say that the buyer has consolidated above this level. From this level, it will be interesting to keep an eye on short-term positions. Thank you for like and share your views!
by Strifor
1