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CAD

GBPCAD Waiting for a bullish extension confirmation.The GBPCAD pair has been trading within a Bullish Megaphone for the whole year and is about to test the 1D MA200 (orange trend-line). The recent rebound is taking place on strong technicals as it not only started on the 1W MA100 (red trend-line) but also after a 1D MACD Bullish Cross from oversold levels that we haven't seen since July 2019. If the 1D MA200 breaks and closes a 1D candle above it, the bullish extension will be confirmed and we will buy, targeting the 0.786 Fibonacci retracement level at 1.71110. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot
CADCHF bearish due to weak oil prices Bearish CADCHF as Downbeat Crude Oil Prices Put Pressure on the Canadian Dollar The CADCHF exchange rate is currently trading at 0.671, down from its high of 0.703 in early September. This bearish trend is likely to continue in the coming weeks and months as downbeat crude oil prices put pressure on the Canadian dollar. Canada is a major exporter of oil, so its currency is closely correlated with the price of oil. When oil prices fall, the Canadian dollar tends to follow suit. This is because oil is a major source of revenue for the Canadian economy, and a decline in oil prices weakens the demand for Canadian exports. Crude oil prices have been falling in recent weeks due to a number of factors, including concerns about a global recession and rising interest rates. These factors are likely to continue to weigh on oil prices in the coming months, which will put further pressure on the Canadian dollar. As a result, investors should be bearish on the CADCHF exchange rate in the near term. There is a high probability that the CADCHF will continue to decline towards 0.650 or even lower in the coming weeks and months. Here are some key factors that could support further weakness in the CADCHF: Continued decline in crude oil prices: If oil prices continue to fall, it will put further pressure on the Canadian dollar and the CADCHF. Rising interest rates in the United States: The US Federal Reserve is expected to continue raising interest rates in an effort to combat inflation. This will make the US dollar more attractive to investors, putting further downward pressure on the CADCHF. Weaker economic outlook for Canada: The Canadian economy is facing a number of headwinds, including rising inflation and interest rates. This could lead to a slowdown in economic growth, which would further weaken the Canadian dollar and the CADCHF. Investors who are bearish on the CADCHF should consider selling CADCHF short or buying USDCHF long. However, it is important to note that the CADCHF is a volatile currency pair, so traders should use appropriate risk management strategies.
Short
by masterclass618
USD/CAD Gains Traction as US Data Supports, Government ShutdownUSD/CAD Gains Traction as US Data Supports, Government Shutdown Averted The USD/CAD pair is starting the week on a positive note, with the spot price trading around 1.3580 during the early Asian session on Monday. This upward movement is primarily attributed to the strength of the US Dollar (USD), supported by moderate economic data released on Friday. The US Dollar Index (DXY) is maintaining its ground and continues to gain strength during the second trading session. This comes after the release of moderate datasets from the United States (US). The spot price for DXY is currently around 106.20. Furthermore, the upbeat performance of US Treasury Yields is contributing to the USD's strength. The yield on the 10-year US Treasury bond is at 4.61%, up by 0.96% at the time of writing. One significant factor supporting the USD/CAD pair is the positive sentiment surrounding the US Dollar following the release of economic data on Friday. The US Michigan Consumer Sentiment Index for September improved to 68.1, surpassing expectations and the previous figure of 67.7. In addition to this, the US Core PCE Price Index for August showed a year-on-year increase of 3.9%, which was in line with estimates and slightly lower than the previous reading of 4.3%. The Core PCE on a monthly basis (MoM) indicated a softer reading of 0.1%, as opposed to the market consensus of remaining at the previous 0.2%. Another contributing factor to the USD's upward trajectory is the successful passage of bills in the US to avert a government shutdown. This move secured funding until November 17, providing stability and confidence in the US Dollar. Conversely, the Canadian Dollar (CAD) faced downward pressure due to disappointing Gross Domestic Product (GDP) data for July. The GDP remained flat at 0.0%, falling short of market expectations for 0.1% growth. Furthermore, June saw a contraction of 0.2% in GDP. The decline in crude oil prices over the past week also weakened the Canadian Dollar. Oil prices, which had reached one-year highs, retreated due to concerns about the Federal Reserve's interest rate trajectory. Canada, being the largest oil exporter to the United States, is particularly sensitive to oil price fluctuations. However, it's worth noting that Western Texas Intermediate (WTI), the US crude oil benchmark, is attempting to reverse its recent losses, currently trading around $90.10 per barrel. Traders are keeping an eye on the upcoming release of the US ISM Manufacturing PMI for September and a speech by Fed Chair Jerome Powell, both scheduled for Monday. Additionally, the S&P Global Manufacturing PMI for Canada in September will be closely monitored by market participants. Our Previous Forecast 27 Sept. Today 2 Oct. Short-Term Setup: Our preference Long positions above 1.3525 with targets at 1.3625 & 1.3650 in extension.
Long
by FOREXN1
7
EURCAD, Huge H-S-Formation, BEAR-Acceleration to Emerge!Hello There! Welcome to my newest idea about EURCAD. Within recent times there have been grievous developments within the whole forex market developments that should not be underestimated in any case, there are several factors and forex pairs to consider, the economic Eurozone field is still in a not completely recovered condition field because there are crucial ongoing supply-chain disruptions still battering the Eurozone economic field. These supply-chain disruptions should not be underestimated in any case because they are actually fueled by the fact that inflation is still extremely high and high interest rates do not decrease the supply-chain disruptions. When looking at my chart these major disruptions within the market have been followed by the continued bearish accelerations towards the downside always emerging with the bearish waves and accelerating the bearish momentum. Now EURCAD already formed the breakouts below the 100-EMA confirming the EMA as a major resistance from where further pullbacks towards the downside are highly likely. This means that the next lower lows within the upcoming times are underlining and pointing to huge bearish momentum acceleration spikes towards the downside. Besides this EURCAD is forming this gigantic head-shoulder formation in which it is going to complete the right shoulder once it has formed the breakout below the main supports and neckline of the formation. This final confirmation of the crucial head-shoulder formation in almost all of the cases is the origin of high momentum into the bearish continuation. Especially, once the formation has been completed this is going to lead to the breakouts below the EMAs, and considering further ongoing supply-chain disruptions as well as a stagflation Eurozone economy because of high inflation in combination with supply-chain disruptions this is going to accelerate the bearish dynamics. In this manner, thank you everybody for watching my analysis of OIL. Support from your side is greatly appreciated. VP
by VincePrince
11
EURCAD, Huge Double-Top Formation, BEARISH Flag-Setup!Hello There! Welcome to my new analysis of EURCAD from the 4-hour timeframe perspective. Within recent times the forex currency pair already emerged with a massive bearish inclination that should not be underestimated especially as the momentum already reached an accelerated point. Now, a major consideration is whether this bearish dynamic holds on or is going to accelerate much more within the upcoming times. In my analysis, I have considered the backend analytics and what should be expected with the pair within the current market situation, especially with the major underlying bearish inclinations. When looking at my chart now, the most important part of my chart is this gigantic double-top formation with the first and second tops already being completed. Since EURCAD formed the second top within the whole double top formation it heavily accelerated with the bearish momentum finally breaking out below the boundary of the double top formation to accelerate the massive bearishness below these boundaries. Also, important here is that a major bearish EMA crossover is marking a huge resistance and is confirming the bearish downtrend dynamics. With the completion of the gigantic crucial momentous double-top formation, EURCAD is setting up a massive bearish inclination especially as it is forming the next bearish flag below the boundary breakout zones. This bear flag formation is likely to complete within the next time and is going to accelerate the bearish momentum continuations towards the lower levels. First of all, the first target zone that has been activated is the minimum target zone of 1.409 as marked in my chart. Once this target zone is reached and the bearish momentum accelerates the price is going to continue below these zones. Taking all these factors into consideration here, EURCAD is now about to set up the next bearish continuation wave which will reach the next bearish acceleration triggers once the bear flag formation to complete the double top confirmation has been finally completed with a breakout towards the downside. Depending on the bearish momentum that is going to prevail after the breakout setup it will be important on how the bearish momentum actually sets up and how it reaches the target zones. Because, especially when the momentum increases by 4x in momentum pace there is a high possibility for the bearish continuation to move further into the bearish ground continuation. It will be a highly crucial determination. In this manner, thank you everybody for watching my analysis of EURCAD. Support from your side is greatly appreciated. VP
by VincePrince
6
USDCAD H4 Wedge PatternUSD/CAD - H4 Chart - Falling Wedge Pattern formation Price need to Break the Trendline and Retest wedge Pattern and after strong Reversal formation, we take entry. Always wait for strong Conformation in Short term for entry. 👈👈👈 If you found my post helpful or informative, could you please leave a comment 💬🖌 and hitting that like button💚💚 “Markets are never wrong, but opinions often are.”-Jesse Livermore Good Luck💛💛
Long
by KABHI_TA_TRADING
27
EURCAD: Your Trading Plan For Today 🇪🇺🇨🇦 EURCAD is trading in a strong bearish trend. After the price set a new lower low lower close on a daily, it retraced to a key daily horizontal resistance. To short the pair with a confirmation, monitor a head and shoulders pattern on 1H t.f. Its neckline breakout - hourly candle close below 1.422 will confirm the strength of the sellers. A bearish continuation will be expected then to 1.418 level. Remember, that if the price sets a new higher high, the setup will become invalid. ❤️Please, support my work with like, thank you!❤️
Short
by VasilyTrader
9