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Usdcaddaily

UsdCad- Great R:R medium term tradeUndoubtedly, since mid-March, CAD has dominated the market, and with USD has strengthened more than 2500 pips, reaching a local low at 1.2 at the end of May. A first leg of correction has followed and a new drop after this. However, this new drop has found bids in 1.23 zone and we have 2 Doji candles on our weekly chart that can signal a higher low is in place. I expect a new leg up from UsdCad and the price could reach and test 1.3 resistance. Such trade can have a 1:5 risk to reward ratio and is negated with a daily close under the last recent low
Long
by Mihai_Iacob
8
USDCAD more downside coming!The dollar cad traded is largely range bound this week. The coming week should see a break of trend to either side but our bias is to the downside as structurally on the longer term charts, it looks bearish. BEAR CASE If bears find conviction, we should see a retest of 1.2 before some consolidation and more downside. BULL CASE As we enter the first week of November, do not be surprised to see price retest 1.25 before the bear case is fulfilled.
Short
by IkanBilisCapital
USDCAD pivotal points (long term sell)USDCAD previously rejected a major support/resistance level as well as a weekly fib level and the weekly 200ema. The way i trade is from one major level to another, so the next tp is 1.20255. But before that, i knew that price could stop and react to this 1.2300 support level , which it did. i entered after seeing the 1H and 4H charts were illustrating a rising wedge , which is a sign that price is indeed going back up, temporarily. The rsi on both timeframes was below 30 (oversold) and the rsi on the 4h was even showing divergence . I took opportunity of this retracement to what’s most likely a fib level to enter a short term buy before we continue down. Once the buy TP is reached, i’ll look for signs of rejection and take it back down to the original sell TP .
Short
by FrenchIvory