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Usdcadlong

USD/CAD continues to move higher amid a broad sell-off in commodUSD/CAD continues to move higher amid a broad sell-off in commodity-related currencies. The Canadian dollar remained near 1.35 per USD, as investors were monitoring the latest developments on the monetary policy in both Canada and the United States. The bets increased that the Bank of Canada may be forced to resume its hiking campaign after data showed inflationary pressures remain elevated. Consumer prices rose by 4.4% annually in April, well above market estimates of 4.1% and breaking the streak of 10 consecutive months of slowing inflation amid sharp increases in mortgage costs and rent. Also, in the US, comments from several Fed officials raised expectations that the rates would remain higher for longer. Fed’s Bullard suggested the possibility of raising rates by another half-point this year, while Fed's Kashkari described the decision to pause or hike rates in June as a close call. Canada’s government budget deficit widened to CAD 44.4 billion in March 2023, from CAD 25.7 billion in the corresponding month of the previous year. Revenues decreased by $1.8 billion, or 4.5 percent, largely reflecting the one-time Grocery Rebate announced in Budget 2023. Program expenses excluding net actuarial losses were up $15.7 billion, or 25.3 percent, largely reflecting higher provisions for contingent liabilities and loans, and increased transfers to other levels of government. Public debt charges were up $1.3 billion, or 53.3 percent, reflecting higher interest rates. Net actuarial losses were down $0.1 billion, or 9.3 percent. The government posted a budgetary deficit of CAD 41.3 billion for the April to March period of the 2022-23 fiscal year, compared to a deficit of CAD 95.6 billion reported for the same period of 2021-22. A successful test of the resistance at 1.3640 will push USD/CAD towards the next resistance level at 1.3665. If USD/CAD climbs above this level, it will move towards the resistance at 1.3695. R1:1.3640 – R2:1.3665 – R3:1.3695 S1:1.3600 – S2:1.3565 – S3:1.3530
Long
by DaveBrascoFX
3
USDCAD Prediction on 21.07.2023The USD/CAD pair maintains its bullish trajectory, continuing to showcase an upward trend. This signifies that market participants are expecting a rise in the value of the US Dollar against the Canadian Dollar. The bullish outlook is driven by a combination of factors, such as a robust U.S. economy, favorable interest rate decisions by the Federal Reserve, or potentially weaker Canadian economic indicators. Traders are encouraged to leverage this bullish sentiment, but also remain vigilant of any changes in market conditions, geopolitical events, or economic data releases that may affect the currency pair's trajectory.
by mazayafx
USDCAD: stuck in a narrow range!Earlier today, the Japanese Government released updated forecasts, revealing that consumer inflation is expected to reach 2.6% in the current fiscal year. This is an increase from the previous forecast of 1.7% in January, and it surpasses the Bank of Japan's target of 2%. Additionally, the Government revised the economic growth forecast for the current year to 1.3%, down from the initial projection of 1.5% in January. It is anticipated that inflation will fall below the Bank of Japan's target range in 2024, with a forecasted rate of 1.9%.
Long
by Sphyn-Trader
3
USDCAD: Today!The USD/CAD exchange rate is uncertain around the 1.3170-80 level early on Wednesday morning in Europe. Although the downtrend has paused for now, traders are still looking for more evidence to support buying the Canadian dollar against its US counterpart, especially after a slow Asian session. On one hand, Canada's inflation numbers were disappointing, while the US Retail Sales data and a decline in WTI Crude Oil prices (Canada's main export) may attract buyers of the USD/CAD pair. On the other hand, positive market sentiment and concerns about the Federal Reserve's dovish stance are likely pushing the exchange rate higher.
Long
by Sphyn-Trader
16
USD/CAD is heading to 1.34Hello Traders USD/CAD has sharp moves in the last few days. We assume its an upward correction, so we treat it carefully. Our technical view has been shown in the chart. If you like it then Support us by Like, Following, and Sharing. Thanks For Reading Team Fortuna -RC (Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
Long
by FortunaInvestments
USDCAD selloff to stall at current levels?USDCAD - 24h expiry Price action has stalled at good support levels and currently trades just above here (1.3150). We expect a reversal in this move. Risk/Reward would be poor to call a buy from current levels. Short term RSI has turned positive. A move through 1.3200 will confirm the bullish momentum. We look to Buy at 1.3150 (stop at 1.3110) Our profit targets will be 1.3250 and 1.3275 Resistance: 1.3200 / 1.3250 / 1.3275 Support: 1.3150 / 1.3125 / 1.3100 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Long
by OANDA
Usdcad Ready For a Bullish RunMy usdcad bullish view FOREXCOM:USDCAD Weekly: Usdcad is bouncing off weekly order block with old high above serving as a draw on liquidity. 4HR: Price took out sellside liquidity and created a shift in market structure leaving behind a clear order block and fair value gap. Above price, we have multiple buyside liquidity and fair value gap which serve as a draw on liquidity for price. I expect price to fill the fair value gaps above and take out the buyside liquidity. Entry: I will set my buy limit order at around 1.31662 ote level. Stop loss: My stop loss will be place around 1.31128 zone below the swing low. Take profits: My final take profits will be at 1.36516. But I will take partials along the way as price take out each of those swing highs on the way. Do follow me for more updates like this.
Long
by Elijahenoch7
USD/CAD: Short Term "Buy the Dip" strategy!From a technical point of view,, the FX:USDCAD pair is bearish in short term, but at the same time, we think a corrective structure "must" be triggered. With this in mind, the strategy is simple: "Buy the Dip" on the intraday chart (1H time frame). On chart I have shown some potential targets that could be reached, but to understand which of these to look at, we need to follow the swing that will form (3 or 5 waves), so it will be necessary to follow and update this analysis (levels) along the way. Trade with care! Like 🚀 if my analysis is useful. Cheers!
Long
by TheAnonymousBanker
13
USD/CAD Prediction on 06.07.2023The current market conditions indicate that the USD/CAD pair continues to exhibit a bullish trend. The US dollar has been demonstrating strength against the Canadian dollar, leading to an upward trajectory in the exchange rate. Several factors contribute to this bullish sentiment. Firstly, the US economy has shown resilience and robustness, bolstering the appeal of the US dollar as a safe haven currency. Strong economic indicators, such as GDP growth, employment figures, and consumer confidence, have fueled investor confidence in the US dollar's stability. Secondly, geopolitical factors have also played a role in the bullish outlook for USD/CAD. Global events, such as trade tensions, political uncertainties, or geopolitical conflicts, have a significant impact on currency pairs. As traders seek refuge in safer currencies like the US dollar, it often leads to an increase in its value relative to other currencies, including the Canadian dollar. Additionally, monetary policy divergence between the US Federal Reserve and the Bank of Canada has influenced the bullish sentiment. The Federal Reserve's monetary tightening measures, including interest rate hikes or tapering of quantitative easing, can attract foreign investments, driving up demand for the US dollar. Meanwhile, the Bank of Canada may adopt a more dovish stance, keeping interest rates lower to support economic recovery, which can put downward pressure on the Canadian dollar. However, it is important to note that the foreign exchange market is dynamic and subject to various factors that can influence currency movements. Therefore, it is crucial for traders and investors to continuously monitor market conditions, economic indicators, and geopolitical developments to make informed decisions regarding the USD/CAD pair
Long
by mazayafx