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Canadiandollar

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
EURCAD: Support breakout, continuation following retest?We can see that EURCAD has been on a downtrend since the last week of August. With Oil prices rising I think the fundamentals for the Canadian Dollar continue to look good, the EURO on the other hand doesn't have much going for it. I have noted a break through support and looking for a short any time soon, there's minor support at 1.402 which will be my target, however I think this won't put up too much of a fight and we'll be down around 1.375 soon.
Short
by Finchcliffe
USDCAD: Testing the 4H MA200. Rejection ahead?USDCAD made a perfect rejection on our last signal exactly at the top of the twelve month Channel Up. You can see this at the bottom of the analysis. The price turned bullish however lately on the short term and the 4H timeframe (RSI = 60.972, MACD = 0.001, ADX = 26.230) as it rebounded at the bottom of the prevailing Channel Down that emerged. At the momemnt it is testing the 4H MA1200. As long as the the price is trading inside the Channel Down, this is a sell opportunity on a 2-3 week stretch (TP = 1.32500). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
3
CADJPY Testing the 1-year Resistance. Will it break?The CADJPY pair has been just below the 110.615 Resistance (September 13 2022 High) for the past 3 trading sessions. The long-term pattern is a Channel Up so the trend remains bullish until it breaks downwards. The 1D MA50 (blue trend-line) is firmly supporting. The current bullish wave doesn't differ much from the one that started on the March 24 Higher Low and peaked on the 4.0 Fibonacci extension. As a result we remain bullish on this pair and expect 113.500 (target) by the end of October. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot
1
AUDCAD One Low to go inside the Channel Down.The AUDCAD pair has been trading within a Channel Down since the February 09 High, having failed to achieve any 1D candle closing above the 1D MA50 (blue trend-line) since July 26. The current price action resembles the start of the Channel Down. Based on symmetry, we have one last Lower Low to achieve and then we should be expecting a rebound to test the 1D MA50. We will buy just below Support 2 (0.85915) and target 0.8700. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
CADUSD, Possible FLAG-FORMATION In The MAKING!Hello, Welcome to this analysis about CADUSD on the daily timeframe perspectives. As when looking at my chart we can watch there that CADUSD already initiated a bearish development with the first impulse wave A into the bearish direction. From there on CADUSD showed up with this channel-formation in which it is also forming a local wave-count which is actually building the global wave B of the wave-count to the downside. As CADUSD now heavily pulled back off the upper boundary of the channel formation and already forms the pullbacks below the 400- as well as 800-EMA there is a high possibility given that the whole channel-formation will be completed as a bear-flag if CADUSD moves finally below the lower boundary of the channel and shows up with a similar confirmation-formation as it is seen in my chart. Once the whole channel-formation has been completed as a bear-flag it will activate the lower target zones seen in my chart, once these have been reached the situation needs to be elevated again, it will be an interesting development. In this manner, thank you for watching the analysis, all the best! "Trading effectively is about assessing possibilities, not certainties." Information provided is only educational and should not be used to take action in the markets.
by VincePrince
5
EURCAD At a tipping point. Trade according to this Support Zone.The EURCAD pair has been decreasing since the August 30 High that formed the 1.48250 Resistance (1). Being below both the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line), the long-term outlook looks bearish, considering also the fact that we may have completed a huge Head and Shoulders pattern since December. However, the price is decelerating the downtrend as it approaches the 1.42850 - 1.42400 Support Zone (1 & 2), so as long as it holds, we will be bullish short-term targeting the Symmetrical Resistance Zone at 1.46000. If the price breaks below Support 2 (1.42400) we will instead sell and target 1.40250, which would be a -5.50% decline from the August 30 High. Both targets are respectively on the top (Lower Highs trend-line) and bottom (Lower Lows trend-line) of a potential Channel Down pattern that might emerge if the Head and Shoulders prevail. Note that the 1D RSI is currently oversold, which currently favors the bullish case. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
1
CADJPY H4 | Falling to pullback supportCADJPY is falling towards a pullback support and could potentially bounce off this level to climb higher. Buy entry is at 108.454 which is a pullback support that aligns close to the 23.6% Fibonacci retracement level. Stop loss is at 108.120 which is a level that aligns under the 38.2% Fibonacci retracement level and the pullback support level. Take profit is at 108.921 which is a level that aligns with the 127.2% Fibonacci extension level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Forex Capital Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. FXCM Australia Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Long
by FXCM
Double CPI Day for the EUR & CADCertain weeks stand out in importance, and the week ahead is shaping up to be one of them. On the economic calendar we have the Eurozone & Canada CPI as standouts for Tuesday, UK CPI & FOMC on Wednesday. Such action-packed weeks often provide the catalyst for the next move in the markets. Our attention is currently drawn to the EURCAD for multiple reasons. Firstly, from a technical perspective, we see the EURCAD completing a head and shoulder pattern on a daily timeframe, which is generally associated with a trend reversal. This is further supported by the 200-day simple moving average, which has consistently marked out the trend for the currency pair. With prices recently crossing below the moving average, this could mark a change in the overall trend, potentially heading lower. Further, when looking at the long-term chart, the 1.440 level has been a critical point of support & resistance across its history, with prices often either breaking through with momentum or stopping and bouncing off this level. Looking at each leg of the EURCAD against the USD also reveals an intriguing setup, with the USDCAD trading near the resistance of a descending channel and the EURUSD breaking sharply below its trend support. Both indicate a potentially lower EURCAD. Another interesting comparison we can make is the currency pair with its related markets. Both the Euro and Canadian dollar are deeply tied to the USD; thus, the broad dollar proxy should have some relationship with the pair. By overlaying the inverse dollar index (DXY) and the EURCAD, we see both are closely related with the Inverse DXY pointing towards a slightly lower EURCAD. The same observation applies when we overlay the EURCAD and the Inverse Crude Oil prices, given the correlation of the Canadian dollar with crude prices due to its oil-exporting nature. With CPI numbers out for both economies next week, it is also worth looking at the economic data from both countries. From an unemployment rate perspective, the Eurozone is faring worse than Canada, a trend echoed when we look at YOY GDP. Both indicators suggest a frail Eurozone economy, likely making the central bank more cautious as it tries not to overdo policy tightening and risk sending the Eurozone into a deep recession. On top of that, the recent guidance from both central banks reveals slightly different undertones. The Bank of Canada anticipates higher year-over-year inflation readings, while the ECB forecasts declines in headline inflation and harmonised index of consumer prices (HICP) readings. This further supports the idea that the ECB might be more dovish, while the Bank of Canada could lean towards a hawkish stance. All things considered, the case for a lower EURCAD seems compelling based on the technical charts at key levels, comparisons with other markets, and central bank stances. We could express this view via the CME-listed Euro/Canadian Dollar with a short position at the current level of 1.440, take profit at 1.380 and stop loss at 1.457, offering a risk-reward ratio of 3.5. Alternatively, the currency pair can be synthetically constructed using the more liquid Euro FX Futures and Canadian Dollar Futures. To establish a short position on the EURCAD, one can sell 2 EURO FX Futures and buy 1 Canadian Dollar Future. This approach approximates the hedge for the position, considering that each EURO FX Futures contract represents 125,000 Euros, and each Canadian Dollar Futures contract corresponds to 100,000 Canadian Dollars. At the current exchange rate of roughly 1.44, 1 Euro FX Futures contract is equivalent to approximately 180,000 Canadian Dollars, resulting in a 2:1 ratio. Each 0.0001 per Euro increment for the Euro/Canadian Dollar Futures is 12.50 Canadian dollars, while each 0.000050 per Euro increment for the Euro FX Futures is $6.25 and each 0.00005 per CAD increment for the Canadian Dollar Futures is $5.00. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. A full version of the disclaimer is available in our profile description. Reference: thoughtleadership.rbc.com www.ecb.europa.eu www.cmegroup.com www.cmegroup.com www.cmegroup.com
Short
by inspirante
2
CADCHF: Your Detailed Trading Plan 🇨🇦🇨🇭 Take a look at CADCHF. The pair broke and closed above a key daily resistance last week. The price is currently consolidating with a narrow horizontal range, retesting the broken structure. Your intraday bullish confirmation to buy will be a bullish breakout of the resistance of the range. 4H candle close above 0.6643 will confirm the violation. A bullish continuation will be anticipated to 0.6655 / 0.6665 levels then. ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
10