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Loonie

USDCAD 4/4/2023We can observe that the price is currently trading near a resistance area. There are two possible scenarios that could play out - the price could rebound from the resistance level and continue to trade within its current range, or it could break below the resistance level and potentially begin a downtrend. To help identify potential levels of support and resistance, we can use Fibonacci speed resistance fan tools. These tools use Fibonacci ratios to identify important levels where the price may rebound or pullback. However, it's important to keep in mind that there are many factors that can influence currency prices, such as economic data releases, geopolitical events, and changes in global market conditions. In the case of the USDCAD pair, both currencies have the potential to be equally strong. The Canadian dollar (CAD) may be supported by soaring oil prices, as Canada is a major exporter of oil. On the other hand, the US dollar (USD) may be supported by improving consumer and labor data, as well as hawkish monetary policy from the Federal Reserve. Let's wait for some data to be released from the US this week. if it's not good enough, the bearish possibility will be even stronger.
Short
by DNP-FX
6
USDCAD - LT/MT Idea!CAD - LT/MT Idea! We have a lot of dollar buying end of flows, end of month. We saw that in most of the majors shifting. What's really key to me is we are seeing US data take a hit US indices, it is time to take into consideration what could happen next with the FX majors. Here's a glimpse of what I think of CAD: This chart is based purely on Technical aspect. Currently we within the ranges - Highs: 1.37355 & Lows: 1.32485 A break of highs, we could be forming the pattern W / Break out of wedge/triangle formation Target areas: 1.38885 & 1.41290 A break of the lows, we break below 50EMA + break out of pattern takes us to 200 EMA + TL Target areas: 1.30270 & 1.27955 Take into consideration of other FX minor pairs such as CADCHF - Stuck within range, ready to break! There are great opportunities out there for us traders to take advantage, of. Trade Journal
by Trade_Journal
USDCAD Bullish Setup - Trade SignalUSDCAD has been sliding within a Complex Corrective Pattern. This is telling me that an Elliott Wave Impulse could be around the corner. DXY can bounce for a come-back due to its pending Bullish Divergence. All other FX-Majors (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, NZDUSD) are onto Reversals. “Difficult to see; always in motion is the future.” — Yoda My Loonie Technicals: * Elliott Wave Complex Correction: Triple Three * Harmonic Pattern: AB=CD * 78.6-88.6% Fibonacci Retracement * 127.2-161.8% Fibonacci Extension * Demand Zone * Bullish Divergence USDCAD LONG Signal: * Aggressive Entry @ 1.3380 with SL @ 1.3150 * Moderate Entry @ with SL @ 1.3050 * TP1 @ 1.3685 * TP2 @ 1.380 * TP3 @ 1.390 * Safety Measure: when in the green, moving SL to BE. * BUY Stops on the way up, after pull-backs. Many pips ahead! Richard, the Wave Jedi.
Long
by Lionheart-EWA
2
CADCHF looking upCADCHF was in a big downtrend but major support zone around 0.67800 made price redirect up The young Uptrend channel is evolving Price has bounced today from the lower channel line at 0.68604 and is coinciding with the 50 EMA So we are most likely waiting for the price to bounce higher up to the 0.692x area. Maybe further to 0.71 To add to this analysis, last week's Thursday and Friday Day candles rejected closes below the 0.69 or 0.688 high levels contributing to the Weekly TF close as a bullish engulfing candle with a positive growth twice the size of the previous week. =========== * If you like this idea please leave a comment so we can talk about it * Remember that it´s never a straight line to the target. * BIG profits to you ALL!!! === I am happy and grateful to the Universe and myself for both teaching me how to trade and multiply my money by thousands My money grows every day. Thank you
Long
by Memo_Mountain
AUDUSD - Trade SetupHello Dear fellows, How are you doing this Christmas season? i am hoping you all are good and doing great and May GOD safe you all the time. So let's discuss the Market , As you know i was Seller in this pair in last week , but last week's closing changed the sentiments little bit , and now i am buyer in this pair . if i will get any good opportunity i will notify here in comment box ( Trade updates ) . Trade carefully so 2023 will bring more success. Best Wishes
Long
by iTradeForexZH
USDCAD buying opportunity | 13 December 2022When the EU oil ban took effect on 5 December, USDCAD experienced a sharp spike as investors shifted to a risk-off sentiment and the prospect for oil prices were dimmed. The price increase came to test the 1.35680 resistance zone, where a break above the resistance turned support level extended its bullish trend to the next resistance zone at 1.36850. The market was hesitant at this point and USDCAD came to test this resistance zone twice again, until China announced a significant easing of Covid-19 restrictions on 8 December which raised the prospect of increased oil demand, causing USDCAD to fall back down to the 1.35680 support level. Further declines in prices were halted and reversed when the US released stronger than expected inflation data on 9 December, boosting the prospect of Fed rate hikes. Prices were firmly pushed back up, but came to hover between the 1.36850 resistance zone and 1.36150 support zone. At the present moment, USDCAD has come to test the 1.36150 support zone which is our Entry, where we forecast a bounce back up to the 1.36850 resistance zone where we Take Profit. Dollar is forecasted by the Bank of America to be bullish in the short term up to Q1 2023, while falling oil prices are set to weigh the Loonie down, providing fundamental backing to our uptrend forecast. Technicals support our bullish bias -A bullish divergence between prices and Stochastic RSI indicates that prices are headed towards a bullish reversal -Stochastic RSI has dipped and exited the oversold region -ADX <25 which suggests that prices are ranging rather than trending. Hence, Stochastic RSI being in the oversold region represents a higher probability for reversal -Price has exceeded the lower bound of the Bollinger Band, indicating oversold conditions
Long
by T3-Consultancy
USD/CAD (To Infinity and Beyond?)View On USD/CAD (8 Dec 2022) There is something that you oughta know. The recent run up in the stock markets and fall of USD are fuelled by the expectation/hope on "the pivot" by the FED and the real answer will be on the FED rate decision of the next week. If the FED fails to do pivoting, I expect the stock market will fall and USD will resume it's UP trend. And we are already seeing the starting of it. If the FED does not pivot, it shall send USDCAD to retest the previous high and beyond. DYODD, all the best and read the disclaimer too. Feel Free to "Follow", press "LIKE" "Comment". Thank You! Legal Risk Disclosure: Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor. DISCLAIMER: Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice. Sonicr Mastery Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Long
by SonicDeejay
USDCAD LONG Idea 2800 pips Update So Dollar is starting to show strength again. Commodities are falling and so are the indices. This is what I like to see to trade markets but it is December and nearly holidays. Which means this is like trading a Friday afternoon. There are trades. But be careful out there. USDCAD went a little lower than I expected but not by a whole lot considering I am looking for a low in the market. So not a bad shout in my opinion. It has paid me a few long trades but it wasn't easy to position and I would not position for such a long term. My outlook is starting to show USD strength now and I am still aiming for a lot of pips to the North based on weekly levels I outlined previously. I also noticed oil is gaining interest in many traders too.....which has an effect on CAD Follow for more updates on this one in the future. More upside is still the target. See previous Video released
by SolidTrader85
USDCAD finds initial support, deeper down move eyedUSDCAD fell after completing a bearish Head and Shoulders (H&S) pattern, as expected. Prices are now digesting above support-turned-resistance anchored at 1.3154. Negative RSI divergence points at ebbing bearish momentum, but that need not necessarily translate to reversal. Rather, it may simply flag a consolidative pause before the down move is reasserted. The H&S pattern implies a measured-move objective near the 1.30 figure, which looks likely to bring prices within striking distance of major support dating back to mid-2021 (former resistance zone, rising trend line). Time will tell whether this region will mark the place of longer-term uptrend resumption or reversal.
Short
by IlyaSpivak
2
USDCAD Targeting A Test of 1.3330Technical & Trade View USDCAD Bias: Bullish Above Bearish below 136.50 Technicals Primary resistance is at 1.3600/50 Primary pattern objective is 1.3330 Acceptance below 1.3460 next pattern confirmation Acceptance 1.3660 opens a test of 1.3710 20 Day VWAP bearish , 5 Day VWAP bullish Notes US CPI released today, volatility expected around the print Goldman Sachs expects ‘a below-consensus 0.44% increase in core CPI in October (vs. 0.5% consensus), which would lower the year-on-year rate to 6.46% (vs. 6.5% consensus). We expect moderate increases in both food and energy prices to raise headline CPI by 0.49% (vs. 0.6% consensus), which would lower the year-on-year rate to 7.8% (vs. 7.9% consensus)' Going forward Goldman 'expect monthly core CPI inflation to remain in the 0.3-0.4% range for the next couple of months before edging down to 0.2-0.3% next year. We forecast year-over-year core CPI inflation of 6.2% in December 2022, 3.3% in December 2023, and 2.7% in December 2024. The deceleration we expect in 2023 is driven more by goods than services categories' According to Scotia Bank 'positioning (among speculative, leveraged accounts and real money investors) could help propel the CAD higher. Combined CFTC positioning data shows a relatively large net CAD short has been maintained among these market participants in recent weeks and the CAD’s rebound risks forcing these accounts to cover, adding further fuel to the CAD rebound’
Short
by Tickmill
2
Joe Gun2Head Trade - Head and shoulders top on USDCADTrade Idea: Selling USDCAD Reasoning: Head and shoulders top on USDCAD Entry Level: 1.3520 Take Profit Level: 1.3010 Stop Loss: 1.3575 Risk/Reward: 9.19:1 Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis , like all indicators, strategies, columns, articles and other features accessible on/though this site is for informational purposes only and should not be construed as investment advice by you. Your use of the technical analysis , as would also your use of all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Short
by Signal_Centre
USD/CAD -8/11/2022-• USD/CAD risks of suffering severe losses if the 1.35 support breaks • Head and Shoulders bearish pattern in play, with neckline support at 1.35, where bears and bulls are fighting now • A confirmed and successful break of the mentioned level exposes the pair for a projected target around 1.31 (range between neckline and head) • Typically, a head and shoulders pattern's right shoulder is found to have lower peak than the left one, a condition fulfilled here • Trading recommendations: Sell at current level with stop loss above recent highs or 1.355-1.36 with TP at 1.31 --- Risk reward: 4:1
Short
by RamziAbouAbdallah-CMT
BUY THE DIP: Inflation Month Is Back. USDCAD Likely To Rise!As the eye can see, DXY is consolidating against all major currency pairs. Meaning its likely taking a slight breathing room before the major uptrend resumes. With the major CPI report due this week, all the eyes would be without a doubt on the numbers that would print. Anyhow there are two likely scenarios here that might take place and how it would affect the DXY: SCENARIO 1: CPI PRINTED AS EXPECTED If the CPI is printed as expected or slightly lower, it means that the FED'S weapon to lower the inflation is working slowly slowly however the numbers would still be considerably high near 8% YOY which is way way above FED'S target. This would mean that the FED might continue to raise rates to lower the inflation but not that aggressively. Meaning the DXY would still be more attractive compared to other currency long term. So its still bullish SCENARIO 2: CPI PRINTED HIGHER THAN EXPECTED If the CPI prints a lot higher than expected lets say it becomes 8.3% or higher, then we could practically assume that the FED'S tool is not working and they would likely take a more aggressive stance . The market's reaction at this point of time would be to BUY the DXY which would make the DXY appreciate. Of the above two scenarios, number 1 seems to be more likely and practical. Shall scenario 1 take place, we can expect the DXY to consolidate and give us a buying opportunity at a good price. TECHNICAL ANALYSIS ON USDCAD LONG TRADE Here we have USDCAD weekly chart, we can likely expect this pair to retrace lower which would give us an ideal entry before the major uptrend resumes. Kindly for the technical analysis have a look at the main chart. Trade Safely & Cautiously
Long
by FX618Analysis