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Usdcadshort

usdcad with a strong bearish leg, where next?USDCAD after failing to trend upwards and ranging for the first 2 trading days of the week, has finally made the push downwards fulfilling my price speculation and weekly bias. Check out my previous publication for an image and explanation of what i expected going into the week, and now where could price possibly be headed going into the remaining 2 trading days of the week . please follow so as to get the next idea i publish on where the price could possibly be headed and more so other future publications by me.
by celefazy
USDCAD analysis (1W time frame)On the chart we can see that the price is in the middle of the range. We expect that the price will come back down and will retest the key support at the bottom of the range. It may take some time, but we believe that it will happen in 2024. It would be our entry for a long position. From another hand, if the price pump and reach the top of the range , it may be a good place to enter short position. In this case the stop loss should be put above the resistance. 2 possible scenarios are shown on the chart Good luck
by vf_investment
3
USDCAD Potential ReversalIn my opinion, USDCAD appears to be showing signs of a potential reversal as it forms a falling wedge pattern on the 1-hour timeframe, with the current price finding support at a specific level. The falling wedge pattern typically indicates a bullish reversal, suggesting that the downward momentum may be weakening. Considering this pattern and the support level, traders might consider a potential long position on USDCAD. However, it's important to manage risk effectively. Setting a stop loss at 1.3276 can help limit potential losses if the market moves against the anticipated reversal. Additionally, a take profit level of 1.3439 can be considered as a target to capture potential gains. Looking forward to read your opinion about it.
Long
by TopgOptions
Is it time to add buys in USD/CAD? Detailed analysis below!Dear traders, after Bank of Canada's rate event yesterday, USD/CAD dropped to the 1.3321 level. However, the fall was arrested as it is a strong support level . Based on the current price action, it seems the 1.3320 support level would continue to hold. So, if price action becomes bullish at this level and the support level stays unbroken, traders can consider going long USDCAD@1.3320 with SL below 1.3250 and TP at 1.3650 .
Long
by YourLazyTrader
USD/CAD: Consolidation Calm Before the Storm? The USD/CAD has been consolidating since late last Friday. Key levels include 1.346 and 1.345 for the upper bound and 1.341 and 1.340 for the lower bound. The market appears to be in the middle of the storm that might be unleashed after the Bank of Canada’s (BoC) interest rate decision on Wednesday. In January, the BoC made history by being the first major global central bank to stop its rate-hiking cycle and has kept rates unchanged at its last two policy meetings. However, the economy's unexpectedly robust performance since then has placed the bank in a challenging position and will test its determination to maintain a neutral stance. After declining from its peak at 8.1% in 2022, inflation in Canada unexpectedly experienced its first increase in 10 months, surging to 4.4% in April from 4.3% in March. The increase is being attributed to the recent rebound in Canada's housing market. The current market consensus is for an approximately 40% to 45% chance of a 25-basis-point interest rate hike on Wednesday. According to some, this is underestimating the possibility of a rate hike. Which means that the lower bounds of the current consolidation band could easily be tested (and broken) in the lead up to the interest rate decision. On the other side of the trade, the US dollar faced obstacles as it was revealed that the US services sector experienced minimal growth in May, primarily due to a slowdown in new orders. This news brought an end to the initial surge in the USD, which was triggered by incredibly robust job growth.
by BlackBull_Markets
3
USDCAD moment of correction; RSI/BB/STOCH/HAIKEN_ASHIInstruction: 1)The Relative Strength Index (RSI) shows that the asset is temporarily overbought/oversold, suggesting a possible trend reversal. 2)The Bollinger Bands indicator shows that the asset is currently in an upper/lower resistance/support zone. 3)The Stochastic Oscillator (Stoch) in forex helps identify buying and selling moments based on a comparison of the current price with a price range over a certain period of time. 4)In addition, I use Heiken Ashi candles, which help to see the trend in a smoother and smoother way. Intervals: H4: 1) RSI above lvl 70 2) Price on Bollinger Band 3) Stoch above 80 and Sell Line (red) is on top of Buy line (green) 4) Red Haiken Ashi candle is building H1: 1) RSI close to lvl 70 and indicator is poiting down (sell) 2) Price bounced from Bollinger Band 3) Stoch above 80 and Sell Line (red) is on top of Buy line (green) 4) Red Haiken Ashi candle is building Conclusions: Based on the analysis of RSI, Bollinger Bands, Stoch and Heiken Ashi candles, it seems that the USDCAD asset may be at a turning point. Stop Lose: Above top of Bollinger Band +10/15pips. SL will be set up on break even after 10/15pips profit. Target: 1.355
Short
by Manticore_Investments