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Usdcadlong

Will USDCAD Breakout with Western Texas Oil on the Rise?Are you ready for some oil talk? Because I've got some juicy information for you that might make your day. Rumor has it that Western Texas oil is about to rise, which could mean big things for the USDCAD. You see, the Canadian dollar is heavily tied to the oil price, and if it goes up, we might see a breakout in the USD CAD. So, what does that mean for you? It means that you might want to consider loading up on oil and potentially making some sweet, sweet profits. Now, I know what you're thinking. "But wait, isn't oil a volatile market? Isn't it risky?" And to that, I say, "Of course it is! But what's life without a little risk, am I right?" So, if you're feeling adventurous and want to capitalize on the rise of Western Texas oil, I encourage you to load up and get ready for the ride. Who knows, you might just come out on top. Happy trading!
Long
by bryandowningqln
Bullish Outlook on USDCAD- 26 May 2023On the 4H timeframe, there is bullish order flow, forming higher highs and higher lows. Price tested a key resistance zone at 1.3650 on the 4H timeframe. A throwback to the key support zone at 1.3590, which is in line with the 38.2% Fibonacci retracement, and a break above the confirmation level at 1.3650 could provide bullish acceleration towards the resistance zone at 1.3780, which coincides with the 161.8% Fibonacci extension level. Price is holding above the Ichimoku cloud and 20 EMA, supporting our bullish bias.
Long
by Salzworth
USDCAD: The influence of USDThe BoC takes a more dovish path The Bank of Canada flagged areas sensitive to rising interest rates like the housing sector. The BoC noted that housing activity has fallen sharply and household spending is falling. Furthermore, in the released statement prior to the Q&A BoC’s Macklem stated that the tightening phase will draw to a close, ‘but not there yet’. He added that they expect growth to fall in the next few quarters. As a balance to this statement, the BoC still stated that policy interest rates will need to rise further to counter elevated inflation. The Council also repeated that the bank’s preferred measure of inflation (core) is not showing meaningful signs of price pressure easing. So, this means the BoC is starting to start thinking about slowing the path of rates. This is a more dovish stance from the BoC and should allow the CAD to weaken somewhat over the medium term. After the rate statement, Governor Macklem highlighted that he expected a ‘significant slowing of the economy to occur’.
Long
by Jiren-SphynChannels
1
USDCAD 1.34943 -0.06% LONG IDEA 📈💡🐮HELLO EVERYONE HOPE EVERYONE IS DOING GOOD. * Looking at USD/CAD in the coming week 1. Closed the week range bound on the Dollar/CAD. 2. Looking for some Liquidity runs to get some directional perspective. 3. Should we break above looking for short entries towards sell side. 4. Looking to fill some gaps below . lets see how it goes. IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - I TAKE MY TRADES ON A INTRA DAY SESSIONS BASIS THIS IS NOT FINACIAL ADVICE TO EXCECUTE ❤ LOVELY TRADING WEEK TO YOU!
Short
by PULEMokhothu
USD/CAD Reacts to CPI, Debt Ceiling Woes Two big events affecting the USD/CAD pair include the CPI reading from Canada yesterday as well as the ongoing debt ceiling crisis in the US. In April, the monthly Canadian headline CPI surged by 0.7%, resulting in an annual rate of 4.4% compared to the previous 4.3%. This increase exceeded the consensus estimates by three-tenths of a percent in both instances. Consequently, the USD/CAD experienced a 0.4% decrease, reaching 1.3404, before rebounding to a high of 1.3535 USD/CAD has now also breached its 200-day simple moving average on the downside, closing below it to reinforce the bearish signal. Strengthening this assertion is that the Bank of Canada had recently put a halt to its tightening campaign, having raised interest rates by 425 basis points since March 2022. However, they indicated that this pause was dependent on the inflation outlook aligning with the forecasted trajectory. It is unlikely that this week's CPI data meets this requirement. Offsetting the positive news for the Canadian dollar is the prevailing optimism in the United States regarding the government's ability to avoid defaulting on its debt. Following emergency discussions at the White House, President Joe Biden and Republican leaders cautiously expressed hope for a potential agreement to raise the US debt ceiling. The agreement must be reached and approved by both houses of Congress before the federal government exhausts its funds to cover expenses, which could occur as soon as June 1 (only two weeks away). Despite House of Representatives Speaker Kevin McCarthy stating that the two parties remain considerably apart, he believes that a deal could be achieved by the end of the current week.
by BlackBull_Markets