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Uscad

USDCAD VOLATILITY TRADEOn the 12 months chart, price show an impulsive bearish move that took 6 years o complete. In tandem with price action, the bullish correction that is currently active has taken 14 years. Price is yet to contact a fresh long-term supply sitting at 1.544. On the monthly and weekly charts, the structure is still the same. Price is seeking to contact a short term fresh supply at 1.44. On the daily chart, price continues to form new highs. On the short term (daily), we are looking at a bearish price correction fueled by the US election volatility. Price is expected to correct towards the 1.35-1.32 range thereafter resuming the original long term bullish price correction.
by morrisgitau
USD/JPY edges lower ahead of Tokyo Core CPIThe Japanese yen has started the week with slight gains and is trading at 144.39 in the European session, up 0.16%. It was a rough week for the yen, which declined 2.5% against the US dollar, which has looked sharp against most of the majors since New Year's. US nonfarm payrolls ended 2023 on a strong note. The economy added 216,000 jobs in December, compared to November's downwardly revised 173,000 and above the estimate of 170,000. The unemployment rate remained at 3.7%, below the estimate of 3.8%. As well, wage growth rose 0.4% m/m and 4.1% y/y, higher than the estimates of 0.3% and 3.9%. The employment report was stronger than expected, which could lead the Fed to delay plans to lower rates. Job growth remains resilient and the wage growth data indicates that inflation remains strong in the labour market and is still too high for the Fed. The Fed fund futures markets reacted to the employment report by lowering the odds of a March rate cut to 64%, compared to 68% just prior to the employment report. The Fed has acknowledged that it plans to trim rates but failed to provide any details of timing in the minutes of the December meeting. The Fed may decide to prolong the pause in rates until the second half of the year unless there is a significant drop in inflation or unforeseen weakness in the US economy. The Fed does not seem in any rush to cut rates and the markets may be getting ahead of themselves by pricing an initial rate cut in March. Japan's Tokyo Core CPI, which will be released on Tuesday, is expected to ease in December to 2.1% y/y, compared to 2.3% in November. Core inflation has exceeded the Bank of Japan's 2% target for 18 straight months, but the central bank has insisted that it will not tighten monetary policy until wage growth rises. 144.80 and 145.80 are the next resistance lines There is support at 143.60 and 142.63
by OANDA
USD/CAD - Canadian dollar stops nasty slideThe Canadian dollar has steadied on Thursday. In the North American session, USD/CAD is trading at 1.3728, down 0.12%. The Canadian currency has stabilized after a nasty four-day slide, in which it declined 1.9%. The US dollar continues to look strong against the majors, as "US exceptionalism" continues to make the greenback attractive to investors. The Canadian dollar is also getting squeezed by falling oil prices, as oil is a major export for Canada. Crude oil prices slid around $5 on Wednesday, its biggest daily drop in over a year, and fell further on Thursday before recovering. The rise in bond yields, which have raised fears of a global economic slowdown are weighing on investor sentiment towards oil. On the economic calendar, the Canada Ivey PMI eased slightly in September to 53.1, down from 53.5 in August, but easily beat the market consensus of 50.8. The PMI has indicated expansion in economic activity in eight out of the past nine readings. As well, the job creation component rose from 58.5 to 54.8 in August, marking a six-month high. These are encouraging figures for the Canadian economy, which has run into some headwinds, such as a flatlined GDP in August. Canada's economy contracted in the second quarter, and a repeat in Q3 would indicate a technical recession. The Canadian dollar could show some volatility on Friday, with the US and Canada both releasing employment reports for September. Canada is expected to have added 20,000 jobs in September, which would be half of the gain in August of 39,900. The Bank of Canada will be keeping a close eye on wage growth, which is projected to rise to 5.5% y/y, compared to 5.2% in August. All eyes will be on the US nonfarm payrolls, which is showing signs of cracks, with three straight releases below the 200,000 mark. The August release came in at 187,000 and the consensus estimate for September stands at 170,000. Wage growth is expected to tick up to 0.3%, compared to 0.2% in August.  An unexpected reading in the NFP or wage growth reports could have a significant effect on the US dollar on Friday. USD/CAD faces resistance at 1.3806 and 1.3864 1.3695 and 1.3638 are the next support lines
by fisherkj4
USDCAD Waiting the convalidation!On USDCAD, we have a critical setup, which means that the price is at a point of demand and supply at the same time. By analyzing the chart, I can infer that the price could drop to 1.3530, creating a short setup, and then bounce back to the supply level before descending further with a target at 1.34. Alternatively, the price could retrace directly to 1.3540, creating a long setup with a target at 1.3590. Both of these views are supported by spike validations on the order blocks. Let me know what you think. Happy trading to everyone.
by Forex48_TradingAcademy
USDCAD> Classics Trend Line Support Buy Setup!!Analysis on #USDCAD The USDCAD is near its daily trend line support and might see a pause in here to explore buyer and seller interest in the pair, I have been eyeing this setup for a confirmation to get in buy but it kept falling to the downside below 1.2600 key support level. We all know the correlation between oil and CAD strength, and if the oil market keeps on rising it would be irresponsible action to try and short the CAD, keep that in your mind. Trading Plan: >> If the USDCAD finds a real buying here and show me some bullish behavior, provided a reversal pattern on the lower time frame I will then look to get in a good buy trade with good reward to risk if the rules for entry are met >> Alternative plan is if the market falls down to test 1.2500 we can look to fore a buy near that zone which i will talk about in time ⚡ Be aware due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis. ________________________________________ 💭 | Comment your thoughts below, I always answer. 📥 | Feel free to message me if you have any questions. Thanks for your continued support!
Long
by TheTradersAvenue
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