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Usdcadsetup

USDCAD Trade IdeaMarket Analysis: USDCAD on the Daily Time Frame The USDCAD currency pair has exhibited a notable upward trend on the daily time frame. This trend is characterized by a consistent pattern of higher highs and higher lows, indicating bullish momentum. Additionally, there is a clear breakout (BoS) to the upside, further supporting the bullish bias. As we anticipate a retracement in price, it’s essential to consider the impact of upcoming calendar events throughout the week. These events can introduce volatility and potentially influence the pair’s movement. Given the technical context, my bias leans strongly toward a bullish entry near the fifty percent Fibonacci retracement level. I recommend placing a wide stop-loss at 1.34400 to allow for market fluctuations. Our target should align with the previous highs as we capitalize on the ongoing bullish trend. Remember to monitor the economic calendar closely and adjust your strategy accordingly. Happy trading!
by fxtraderanthony
USDCAD Trading Plan - 20/Feb/2024Hello Traders, Hope you all are doing good!! I expect USDCAD to go Down after completing this correction. Look for your SELL setups. Please follow me and like if you agree or this idea helps you out in your trading plan. 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.
Short
by For3xScalper
USD/CAD could be nearing the end of its retracementA double top formed this month around a 50% retracement level on the daily charts ahead of its latest pullback. And it is interesting to note that the market tends to react around the 50% level. The double top could actually be part of a 3-wave retracement, and that retracement could be nearing completion. We saw a strong rally into the January high, hence the bias for an eventual continuation of that move. Bulls could look for a swing low to form around 1.3350 - which is near a high-volume node and another 50% level, and initially target the January highs - a break of which brings 1.36 into focus.
Long
by CityIndex
1
USDCAD Trade IdeaThe USDCAD has reached a pivotal juncture,reaching into a critical resistance level. While the larger trend remains firmly bullish, I anticipate a temporary pullback before seeking an optimal entry point. 1D Balance Area: As you can see on the attached chart, price has formed a significant balance area on the daily timeframe at the accumulation phase. A Fibonacci retracement drawn from the low to the high reveals a confluence zone around the 61.8% level potentially offering a high-probability entry point for opportunistic longs. Note: This analysis is for educational purposes only, and I'm not dispensing financial advice. Always conduct your own due diligence before making any trading decisions.
Long
by fxtraderanthony
USDCAD Looking BullishIn the existing downtrend of the USDCAD currency pair, there is a distinct possibility that the exchange rate may approach and test the support level at 1.31142, unless there is a significant breakthrough in market dynamics. The technical analysis of the market structure points towards a potential pullback, implying a temporary reversal in the prevailing downward movement. This setup could be viewed as an opportunity for traders to consider initiating buy positions. Buying at the support level involves anticipating a rebound or a corrective move in the exchange rate. Traders often look for confirmation signals, such as candlestick patterns or other technical indicators, to strengthen the rationale for entering a trade. It's important to note that trading decisions should be made based on a comprehensive analysis of various factors, including technical, fundamental, and market sentiment indicators. Additionally, risk management strategies should be employed to mitigate potential losses in case the market does not behave as anticipated.
Long
by HUMCRYPTOCLUB
USDCAD Technical Analysis And Trade Idea Recently, the USDCAD has demonstrated a strong downward trend, touching a significant support level on both daily and weekly charts. In the accompanying video, a detailed examination of this trend is presented, carefully analysing price movements and identifying possible trading opportunities through a thorough analysis across multiple timeframes, ranging from weekly to as short as 15 minutes. Anticipate a comprehensive review covering price variations, market trends, trend evaluations, and crucial technical analysis components. It's crucial to emphasize that the information shared here is purely for educational purposes and should not be considered as financial advice.
Short
by fxtraderanthony
USDCAD → Fell HARD to 135.000! Will We Bounce Here?USDCAD fell out of the bull channel as predicted from last week's analysis and hit the profit target of 135.500. We are now sitting on the 200EMA with no sign of support, do we short? How do we trade this? 🤔 We do not short! We're on potential support, the RSI is at 32.00, we haven't had a good pullback in 10 bars, best to wait on the sidelines. What we *should* be looking for is a bounce off of the 200EMA as previous price action has shown. With a strong bull signal and confirmation bar closing on or near their highs, it would be reasonable to long at this level. 💡 Trade Idea 💡 Long Entry: 1.35470 🟥 Stop Loss: 1.34655 ✅ Take Profit: 1.37100 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Breakout of Bull Channel, Bias to Short. 2. Target Short TP at 200EMA 1.35200 Achieved. 3. Look for a test of Daily 200EMA Support. 4. Long if Bull Signal and Confirmation Candle Close. 5. RSI at 32.00, below Moving Average, Supports short-term Short. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
Long
by TraderEngineering
5
7 Dimension Analysis For USDCAD🕛 TOPDOWN - Anticipating a Bullish Breakout in a Super Consolidation Phase Overview: The market has been in a super consolidation phase from 2016 to 2023, forming a yearly flag, signaling a potential continuation. Monthly and weekly scenarios reveal a ranging market, seemingly dull, but with indications of a change. The Wyckoff spring on the weekly chart signals a shift from a downtrend to a pre-breakout buildup, suggesting upcoming momentum and volatility. 😇 7 Dimension Analysis Time Frame: Daily 1️⃣ Swing Structure: Bullish to sideways 🟢 Structure Behavior: Break of Structure (BoS) 🟢 Swing Move: Impulsive sideways buildup 🟢 Inducement: Done, inside low confirmed. 🟢 Pull Back 1st: Strong, with the mitigation of the 1st Order Block (OB), a robust bull signal. 🟢 Internal Structure: Sideways bullish. Confluence across daily, weekly, monthly, yearly time frames. 🟢 Support/Demand Area: An imminent buy area. Trendline marked for a bullish breakout. 2️⃣ Pattern 🟢 CHART PATTERNS Reversal: Potential rounding patterns; internal round may form at the support level of 1.3520. 🟢 CANDLE PATTERNS Key Considerations: Observing candle behavior at the forthcoming support area. 3️⃣ Volume: At 1.3572, significant buy volume, marking a potent Point of Interest (POI) for bullish entry. 4️⃣ Momentum RSI: 🟢 Momentum State: Sideways zone. 🟢 Range Shift: Bullish to sideways. 🟢 Overbought Rejections: Count of 2. 5️⃣ Volatility Bollinger Bands: 🟢 Middle band below the price, a preferable position. 🟢 Commencement of a squeeze. 🟢 Completion of a head fake, indicating potential bullish movement. 🟢 Puncher pin at the lower band, a bullish signal. 6️⃣ Strength: USD is stronger than CAD at this point. ✔️ Entry Time Frame: Daily ✅ Entry TF Structure: Bullish ☑️ Current Move: Corrective move is done, and a churn in H1 (Hourly) suggests potential momentum. ✔ Support/Resistance Base: Daily demand area. ☑️ Candles Behavior: RSC, Long wicks, Doji, Momentum. ☑️ FIB Trigger Event: Confirmed. ☑️ Final Comments: Buy Now. 💡 Decision: BUY. 🚀 Entry: 1.3620 ✋ Stop Loss: 1.3540 🎯 Take Profit: 1.4049 2nd Exit if Internal Structure Changes, 3rd Trendline Breakout, FOMO. 😊 Risk to Reward Ratio: 1:5 🕛 Expected Duration: 30 DAYS SUMMARY: The analysis strongly suggests a bullish breakout in a market transitioning from super consolidation. With confluence across various time frames and supportive indicators like the Wyckoff spring, there's a comprehensive bullish bias. Key focus areas include a significant demand zone, observable candle behavior, and the completion of a head fake in the Bollinger Bands. The strategy involves a confident buy entry with clear risk management and exit criteria.
Long
by Optimum369
15
USDCAD: The US dollar faces a weekly decline as inflation easesThe US dollar faces its biggest weekly decline in months against the euro, yen and franc. This comes after investors began selling in anticipation of a near 100 basis point interest rate cut in the United States expected next year. By Friday, the dollar had fallen 1.6% from a week earlier, trading at $1.0854 against the euro, its steepest decline since mid-July. For the week, it fell 1.6% to CHF 0.8882, and against the yen it fell 0.6% to CHF 150.53. Oil prices hit a four-month low on Thursday, and Walmart (NYSE:WMT) also announced price cuts, adding to deflationary pressures. This week's data showed U.S. consumer prices stabilizing, convincing investors that inflation is falling and the days of rising interest rates are over. Weak US economic data released on Thursday also supported this view. Futures markets are currently pricing in a 98 basis point (bp) rate cut by the Federal Reserve next year, up from 73 basis points a week ago. Peter Dragicevic, strategist at cross-border payment company Copay, comments on the situation. He said the degree of mitigation being considered looked positive, but the direction was correct. He added that the momentum of US inflation is changing and the negative effects of past monetary tightening are beginning to show. With the Fed's next easing cycle looming, Dragicevic expects the US dollar to weaken gradually over the next few quarters as US yields fall and US growth recovers.
Long
by Chart_MasterPro