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Usdcadanalysis

USDCAD Trading Plan - 09/Jul/2024Hello Traders, Hope you all are doing good!! I expect USDCAD to react from the highlighted zone. Currently USDCAD is correcting for another leg up, however, I am still seeing one more down after this leg up to complete bigger structure. Plan to Trade: If market gives bullish reaction at zone, I am a Buyer till 1.367 area. Look for your BUY entry setups as per the above expectations. Your follow and like will be a token of appreciation. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea.
Long
by For3xScalper
USD/CAD Long (Swing) First idea Post on TradingViewHello fellow traders! Today I am making my first post on TradingView. We'll be looking at FX:USDCAD from my perspective hopefully someone can gain some insight or if i am wrong, you guys can share your ideas with me! This post may seem long to some, Thank you to those who will go through my idea in its entirety. To begin from a fundamental level USD is currently bullish as the now all but confirmed higher rates for longer as inflation has picked back up in the last quarter coupled with the resilient US economy. This should give investors faith in a strong dollar at least until the US elections, unless the backdrop of economic conditions change in the US. CAD is currently dovish with the expectations of a rate cut at the latest in Q3 2024. CAD also released many different statistics this week with almost all of them showing a weakening/constricting economy. With these economic conditions and the rate divergence outlook I believe USD/CAD is fundamentally bullish. Now for the technical analysis A look at the monthly chart: As we can see we are trending upward since June 2021 making HH's and HL's on monthly timeframe. Now let's take a look a look at the weekly: Here we can see it looks as though we are trading in a range from 1.32-33 to 1.38-39 with the past 5 closes and this weeks upcoming close showing strong support at 1.36 but with little conviction to push the price higher immediately. The daily chart: On the daily we recently broke out above the channel and retested the breakout at 1.36 while we may see another test of this level, as stated in my fundamental section I believe the recent news is bullish for DXY/USD and bearish for CAD so i believe it will uphold USD/CAD at 1.365 support before a push higher next week to at least 1.38. I prefer to enter on the 2/4Hr charts using daily/weekly support, however this post is already extremely long for my first post, enjoy! Thank you to anyone who made it to the end of my idea on USD/CAD, I am gonna start posting more ideas mainly on USD/CAD and a few other major pairs as I believe this may help me organize my own thoughts. If anyone has any suggestions or different opinions let me know in the reply section. Stay safe trading and always manage your risk. I am not a financial advisor please do your own research. this is only meant to share my perspective and is in no way guaranteed to be correct. As always anything can happen in the forex markets have a good day everyone!
Long
by Vayzee
3
USDCAD BUY TREND 04/07/2024It's been a while... Based on a detailed analysis of the 1M chart, we anticipate that the USDCAD pair will experience an upward movement. Although this analysis is derived from the 1M chart, the idea is published on the 15M chart for clarity and presentation purposes. Key Points: Trend Direction: Upward movement expected Risk Management: Exercise caution as the pair may experience temporary declines, presenting additional buying opportunities Timeframe: Expect changes within the next week Take Profit (TP): A TP line has been established. Regular updates will be provided to indicate optimal points for closing all trades Alerts: Set alerts to receive timely notifications on when to close trades, ensuring you maximize your gains and manage risk effectively We will continuously update this idea with crucial information on when to close positions. Make sure to stay tuned and adjust your strategy accordingly. Wishing everyone a happy and prosperous 4th of July!
Long
by TradeWithConfidence
5
USDCAD Trade Ideas 8HThe price is currently trading above the 50-period moving average, suggesting short-term bullish momentum. The recent crossover of the 50-period moving average above the 200-period moving average (often referred to as a golden cross) could indicate a potential shift to a more sustained bullish trend. Potential Scenarios: Bullish Scenario: If the price continues to move upward, the first target will be the lower bearish rejection block (1.3760 - 1.3780). A successful break above this level could see the price testing the higher bearish rejection block (1.3800 - 1.3840). Continued bullish momentum past these rejection blocks could indicate a strong trend reversal. Bearish Scenario: If the price fails to break through the first bearish rejection block, we could see a pullback towards the major support zone (1.3560 - 1.3620). A breakdown below this support zone would indicate a potential continuation of the broader downtrend. Conclusion: The bearish rejection blocks highlight significant resistance areas where the price may face selling pressure. The major support zone is a crucial level that has held firm in recent attempts. Monitoring price action around these levels will be key to understanding the next major move in the USD/CAD pair. Fundamental Analysis: 1. Economic Indicators United States: Interest Rates: The Federal Reserve's stance on interest rates can heavily influence the USD. Any hints of rate hikes or cuts can impact USD strength. Economic Data: Key indicators such as GDP growth, employment reports, and inflation figures (CPI and PPI) provide insight into the health of the US economy. Strong data typically supports the USD. Canada: Interest Rates: The Bank of Canada’s (BoC) monetary policy decisions affect the CAD. Like the Fed, any change in the interest rate can drive the CAD’s value. Oil Prices: Canada is a major oil exporter, so fluctuations in crude oil prices directly impact the CAD. Higher oil prices generally strengthen the CAD, while lower prices weaken it. 2. Trade Relations: USMCA Agreement: Trade relations under the US-Mexico-Canada Agreement can influence the USD/CAD pair. Smooth trade relations support economic stability, benefiting both currencies. 3. Global Economic Conditions: Risk Sentiment: Global risk sentiment affects USD/CAD. In times of economic uncertainty, the USD tends to strengthen due to its safe-haven status, while the CAD may weaken. Global Growth: General trends in global economic growth can influence demand for commodities, impacting the CAD. 4. Political Factors: US Political Climate: Political stability or instability in the US, including fiscal policies, government spending, and trade policies, can impact the USD. Canadian Politics: Political events in Canada, such as elections or policy changes, can influence investor confidence and the CAD. 5. Inflation Rates: US Inflation: Higher inflation may prompt the Fed to raise interest rates, supporting the USD. Canadian Inflation: Similar to the US, higher inflation in Canada may lead the BoC to hike rates, strengthening the CAD. 6. Employment Data: US Non-Farm Payrolls: A key indicator of economic health in the US. Strong employment data typically boosts the USD. Canadian Employment Reports: Employment changes in Canada provide insight into economic strength and can impact the CAD. What do you think? Let me know in the comments
Long
by The_Golden_Path
Bullish USD/CAD will reach 1.38(7/02/2024)It seems the Bulls are handling USD/CAD. USD yield is hitting currencies with lower yields. Of course, CAD has nothing to present much versus USD. Also, the price makes higher highs and higher lows, moving in a 5-wave impulse. Our technical view has been shown in the chart. If you like it then Support us by liking, Following, and Sharing. Thanks For Reading Team Fortuna -RC (Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
Long
by fortunamarkets