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Usdcadforecast

USD/CADThe US dollar initially tried to rally against the Canadian dollar, showing signs of strength. However, we have given up quite a bit of the gains to form a shooting star. This was preceded by a hammer, which suggests that we are going to go back and forth and perhaps try to figure out where we will go long term. You can see that this is a chart that has been very noisy, and you can also see that we have formed an ascending triangle for this market. If we can break above the high of the weekly candlestick, then I think this market will take off to the upside. On the other hand, if we break down below the bottom of the hammer from the previous week, then it is likely we will go looking towards the 1.24 level.
by SmoothJB
USDCAD | The best scenario for climbing📝 Hello traders , USDCAD in daily timeframe ,This analysis is prepared in daily timeframe but has been published for better view in 2 days timeframe. According to the count, waves 1, 2 and 3 of the leading downward trend have ended and are now within their 4th wave. The general structure of wave 4 is a zigzag structure, and from this zigzag, waves a and b are formed in the form of a channel, and now there is no doubt between the end or incompleteness of wave c. Wave c in our opinion has another 5 waves to complete and we will have the view until the bottom of the orange channel is broken. The bottom of the orange channel was not broken and an ascent was formed, which is probably for wave 1 of wave 5 of c. Waves a and b and wave c of wave 4 make up half of the head and shoulder pattern, and the rest of this pattern will continue to form as we continue to climb. The correction will continue for wave 4 to the bottom of the black channel and the ascent will continue for wave 5 to the ceiling of this channel. If the specified range is completely broken and the bottom of the orange and black canal of this analysis is fielded and we enter the descending phase. 🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏 ❤️Please, support this idea with a like and comment!❤️
Long
by mahdisoltaninjad
USD/CADThe US dollar has been all over the place during the previous month as we squeeze between the 50 week EMA and the 200 week EMA. The 1.29 level above is significant resistance, extending all the way to the 1.30 level. That is a 100 points range of resistance, so if we can finally break above the 1.30 level, then the market is free to go much higher. I would point out that short-term pullbacks continue to see buyers, and therefore it looks like we are trying to form some type of ascending triangle. Although the oil markets are ready to break higher given enough time, the reality is that the US dollar continues to attract a lot of inflows. That should continue to be the case on dips going forward.
by SmoothJB