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Canadiandollar

GBPCAD: Double long term Buy opportunity.GBPCAD is testing the 1D MA50 as Support on neutral 1D technicals (RSI = 49.135, MACD = 0.001, ADX = 29.493). This is an early buy signal. However since the long term pattern is a Channel Up, the downside potential extends as low as its bottom of the HL trendline. Throughout its formation, the 1D MA100 has constantly provided Support, more specifically three times since February 16th. Consequently, if a 1D candle is closed under the 1D MA100 (again it will be the first time inside this eight month Channel Up), we will add a second buy position near the 1D MA200. The current buy (1D MA50) targets the top of the Channel Up (TP = 1.74500), the lower buy targets the 1.382 Fibonacci extension (TP = 1.75150). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
10
USDCAD Sell opportunity arising a little higher.USDCAD is trading inside a Channel Down pattern for nearly 5 months. The price is currently on the 1day MA50 for the first time since July 7th and second since June 1st. Obviously a strong Resistance. The technical rejection zone however lies a little higher inside the range consisting of the 1.33845 Resistance (previous High) and the 0.618 Fibonacci level (1.34340). This is where the last Lower High was rejected. The 1day RSI is already near its own Resistance, same as the May 25th Lower High rejection. As a result, starting to sell when it touches it and scale sells up until the 0.618 Fibonacci, is a valid approach. Target Support A at 1.30950 and after a rebound, Support B at 1.29555 for a technical Lower Low. Previous chart: Follow us, like the idea and leave a comment below!!
Short
by TheCryptagon
6
CADJPY Bullish within the Channel Up, bearish below it.CADJPY is trading within a Channel Up since the March 24 bottom. The price action maintained this bullish formation as not only did it recently made a Higher Low but from July 12 to July 18 all 1D candles successfully closed above the 1D MA50 (blue trend-line), something common since April 27. As long as this is taking place, we will stay bullish, targeting 109.250. That is a Lower Highs level, similar to the one on in April, whose fractal resembles today's. On the other hand, if we close a 1D candle below the 1D MA50, we will sell and target 102.000, just above the 1D MA200 (orange trend-line). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
USDCAD critical 1M MA50 test. Sell higher or wait for break-out.The USDCAD pair hit again the bottom (Lower Lows trend-line) of the Channel Down that started on the March 10 High and on top of that almost touched the 1M MA50 (red trend-line) for the first time since September 13 2022. Naturally, this is a major long-term Support, which if broken (full 1M candle closing below it), invalidates the Channel Down and could start an even more aggressive sell-off. In that case, we will target Support 1 (1.29625) and Support 2 (1.28980) and after each 1D closing below them we will go all the way until Support 3 (1.27290). If however the 1M MA50 and bottom of the Channel Down hold, we will wait for a test (rejection) of the 1D MA50 (blue trend-line) to open a sell. If it rises more to the 1D MA200 (orange trend-line), we will open a second sell and target Support 1 at 1.29625. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
Canadian Dollar To All Time Lows???CAD/CHF is currently sitting at a key level and a big test. Today is also the day of the Canadian Interest Rate decision. Forecast is for Canada to increase their rate from 4.75% to 5% which would be an increase of 0.25 points. However, this same prediction was made for the RBNZ last night and they decided to keep their rate the same. If the BoC do keep the rates the same, or increase the rate I don't see how either could be positive for the CAD, simply putting it the country is not in the best of positions. We also had the worst CPI report in almost 2 years not too long ago and an increase in Unemployment rates last month, despite adding jobs. I don't see how any Canadian led pair could be considered bullish, given the state of the country and my bias is for a short here.
Short
by SJFXT
CADJPY: Sell this consolidation.CADJPY is testing the 1D MA50 in the form of support on bearish 1D technicals (RSI = 42.279, MACD = -0.050, ADX = 56.167). A 1D candle close under the 1D MA50 signifies a validation of selling extension as after the rejection on R1, the long term support of the HL trendline broke. We will sell this week's consolidation, which isn't just taking on the 1D MA50 but the S1 (104.120) as well, targeting initially the S2 (TP1 = 102.245) and then the S3 (TP2 = 99.350) assuming the 1D MA200 breaks. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
3
AUDCAD is starting a long-term corrective legIt's been 2.5 months since we last traded AUDCAD, when it gave us a sell signal (see chart below) right at the top of its Channel Down for maximum gain: Right now, the pattern is getting wider and its new bearish leg to a new Lower Low may be starting as last Friday's inability to close above the 1D MA200 (orange trend-line) may result in a Lower High rejection at the top of the Channel Down. The 1D RSI is trading within a Rectangle pattern, which just hit its top and that matches with the tops of the Channel Down. We are opening two sell positions now, one targeting Support 1 at 0.88350 and the other Support 2 at 0.877450. If broken and the short-term rebound gets rejected on the 1D MA50 (blue trend-line), we will open a new sell to target the bottom of the Channel Down and Support 3 at 0.8600. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
5
AUDCAD: On the 1D MA200 and top of the Channel Down. Sell.AUDCAD hit the 1D MA200 yesteday and came just shu off the top of the Channel Down. The 1D timeframe is technically bullish (RSI = 62.944, MACD = 0.002, ADX = 28.766) but the RSI is also near the top of its Rectangle pattern. The previous top coincided with the Channel Down rejection. Consequently we are opening a sell now and target the S1 (TP1 = 0.874500) and if a 1D candle closes under, extend selling to the S2 (TP2 = 0.86630). 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
6
NZDCAD: Confluence Zone & Your Trading Plan 🇳🇿🇨🇦 NZDCAD is testing an important confluence zone: I spotted a perfect match between a horizontal key level and a falling trend line. For a confirmation, watch a double top pattern on 1H time frame. We need a breakout of its neckline as a trigger. Hourly candle close below 0.8356 will confirm a violation. A bearish continuation will be expected to 0.83 level then. If the price sets a new high, the setup will become invalid. ❤️Please, support my work with like, thank you!❤️
Short
by VasilyTrader
11
EURCAD: Plan is being executed perfectly.EURCAD is on a strong rise following the double Support test as outlined on the plan we published 6 weeks ago (see chart at the end). The 1D timeframe is on green technicals (RSI = 64.005, MACD = 0.003, ADX = 30.986) but the RSI is near the top of the 8 month Channel Down, so it would be justifed to see a technical pullback near the 1D MA50 before the 2nd part of the rally. TP1 = 1.46480 is already hit, TP2 = 1.47485 is near so we will be prepared to add another buy if the price pulls back. We place a new target on the Symmetric R (TP3 = 1.49360) and will only pursue TP4 = 1.51145 if the 1D MA50 holds after a new pull back. Otherwise the trend will turn bearish again to the lower S levels. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
1