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Usdcad1hr

USD/CAD 1HR Analysis - Are We About to Break to the Upside?USD/CAD had a fantastic bounce off of the bull channel bottom (1.36600) just below the 1HR 200EMA, leading to a 120 pip run to the top of the channel (1.37800). If you followed my last USD/CAD 1HR Analysis, this was the exact move I was after, which has now ended. Where do we go from here? Key Points when considering a long: 1. We're at the top of a bull channel, very risky to long here as the probability of a breakout is statistically 10% and your stop loss should be at the bottom or below the channel. Not good Risk/Reward considering the probability, even with a small position. 2. The previous high resistance intersects perfectly with the top of the bull channel. Another indicator to wait on longing. 3. RSI is in overbought territory, a weak indicator, but supports the other data here. 4. The Weekly resistance may now be support. This previous bounce was rather convincing. We need to continue to see newer highs up to the high of the Weekly Bear channel at 1.40000. (See my USD/CAD Weekly analysis). The weekly support is 100 pips below us, best to wait until we get closer. 5. If you're long, take some profits, and wait for another entry toward the mid-range of the bull channel. Wait for a bull signal bar and confirmation bar that closes on or near its high. Preferably off of the 1HR 30EMA or 200EMA. What about a short here? I think a short on the 5-minute or 15-minute chart at this level can be reasonable. However, the macro trend is bullish, I would argue position size should be lower than your maximum, and your stop loss be placed just above the channel top. Shorting to the 1HR 30EMA or 200EMA is risky, but with the right trade management, it could render some profits. I argue to remain long and wait for that long entry, there is probably more upside than downside at this stage of the game since we've broken out of the Weekly bear channel. As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USD/CAD 1HR Analysis - Remain Long With The New Weekly Support!USC/CAD may have established a new support with the Weekly resistance as shown in in my USD/CAD Weekly Analysis Idea from October 9th. We have several factors pointing to remaining long at this stage: 1. Currently in a Bull Channel 2. Weekly Resistance is starting to act like Support 3. We have a minor Bear Channel/Bull Flag on the hourly 4. Last weeks Weekly candle closed above the Weekly Resistance in a second attempt to break it 5. DXY is still above the 30EMA on the Daily Chart/9EMA on the Weekly We should remain long in the short-term (Hourly Chart) and probably on the Daily/Weekly chart as well per my Weekly analysis. Long targets should be the previous Weekly Bear Channel Highs of 1.38600 and 1.39800 respectively. A long at this stage should have a protective Stop on the 1HR 200EMA with a first Take Profit at the top of the Hourly Bull Channel at 1.37500. From there, it's reasonable to hold some of your long position and add to it if we confirm a break above the channel to the next levels. As always, trade at your own risk, you are responsible for your trades, and I hope this information was helpful. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USD/CAD 1HR Chart Analysis - A Long Opportunity May Be CloseUSD/CAD had a fantastic move to the upside the first week of October which came to an end with a nice double-top reversal pattern last Thursday at 1.37850. Since then, we have had 2 pushes down and landed in a high-volume zone around 1.35800. At this moment, we have a two-leg pull back and about 24 hours of sideways price action on USD/CAD. The longer the price action goes sideways, statistically, the more likely a reversal will occur. DXY is also nearing the 30EMA on the Daily chart, but with some room to fall. These data points lead me to believe we may have to fall a bit more to find some bulls and get a "hot stove" response (a bull signal bar). If this occurs, I will be looking for confirmation around the top of the bear channel to make a long entry (around 1.35600) and take profits up to the previous high of around 1.37850. It all comes down to whether or not that bull reaction happens somewhere between here at 1.35800 and 1.35200. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USDCAD - FUNDAMENTAS WITH TECHNICAL LEVELS#USDCAD USDCAD is now quite BUY. The reason is that OIL is slightly WEAK and USD is slightly UP. Also, MARKETS RISK has been OFF again. And the US CPI data was very good. The FOMC OUTLOOK was also very POSITIVE yesterday. So now USD has become very STRONG. US RETAIL SALES DATA was also very POSITIVE. As a result, the sentiment related to USD became STRONG in recent days. But now with good DEMAND for US YEILD, USD is moving UP. US LABOR DATA is also scheduled to be released this week. Due to this reason, STOCKS can continue to move DOWN SIDE if the USD goes up like this in the coming days. USDCAD MARKET is currently RANGE because US DATA and UPDATES are POSITIVE and MARKET SENTIMENT is temporarily POSITIVE. We think it will go down to the 1.36662 level before going up again, and with the market risk off sentiment, it can go to the 1.4050 level. Anyway, USDCAD SELL will be possible up to 1.3155 LEVEL after that. We wait until the DOWN TREND CONTINUES. FOLLOW THE STRUCTURE GIVEN.
by benny_marshall
1
USDCAD might go higher after the Pullback Welcome back Traders, Investors, and Community! Hi Traders, USDCAD as we see in the H1 chart has been in the Bullish channel for a while and has broken above a minor Resistance (1.2347). It seems that the price is going lower for a Pullback which might happen around 1.2367 before it goes higher to 1.2405, 1.2434 and 1.2480 We will have more FREE forecasts in TradingView soon ❤️ Your Support is really appreciated!❤️ Have a Profitable Day
Long
by Fibonacci-Signals