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WC 26 June USDCAD Outlook: LONGAnnotations on the chart News shouldn't really be impacting price action but sure as heck moves it. 4 weeks worth of shorts in the market for an explosion during Canada's CPI news on Tues. Last Fri was first green day. Looking at the Asian session or the following days for a potential buy at the 50's @ H1 supply and will hold if price sustains bullishness -- that is, if a buy setup presents itself. At least a 95 pip move ++ if we have strong bulls. 4 weeks worth of shorts in the market.
Long
by RSC_FX
USDCAD | Live position reviewQuick one! I have come to notice the indecision phase that is currently emanating from a demand zone around 1.26 area which has a strong memory for buying power. And this phase appears to be evolving into what looks like a reversal structure as the price continues to reject 1.25750 (3 times). Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
USDCAD Post-FOMC/Oil ReportsThe Canadian Dollar had a really strong year against the US dollar correlating nicely with the DXY. After FOMC reports however, the Dollar continues to dig itself out of the hole it was in late 2020 and pairs with the dollar as the dominant, such as FX:USDCAD , have started to experience some upward momentum that I expect to continue for the next few days as North American Oil availability appears grim likely hiking the rate per barrel, ultimately pushing down the value of North and South American currencies (exception of the USD, I'll get to that). With this in mind, a safe entry is created on USDCAD as there is some relatively tight downside protection/cushion with this information in the market. The devaluation (dare I say inflation) of the US dollar is what makes this trade possible. If it wouldn't of been as prepared for the worse, prior to FOMC and bad oil news, the DXY would most likely have continued to see a downfall. However, the perfect storm of a declining stock market, "less economic scarring", and the decline in Bitcoin, maybe the Dollar has found its floor? Maybe not, but for the next month or two I will look to retain this bias.
Long
by crawfordpaul