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Usdcadshort

USDCAD: stuck in a narrow range!Earlier today, the Japanese Government released updated forecasts, revealing that consumer inflation is expected to reach 2.6% in the current fiscal year. This is an increase from the previous forecast of 1.7% in January, and it surpasses the Bank of Japan's target of 2%. Additionally, the Government revised the economic growth forecast for the current year to 1.3%, down from the initial projection of 1.5% in January. It is anticipated that inflation will fall below the Bank of Japan's target range in 2024, with a forecasted rate of 1.9%.
Long
by Sphyn-Trader
3
USD/CAD Navigating Sideways Trading and Bearish MomentumThe USD/CAD pair has been exhibiting a bearish trend, and technical momentum remains unfavorably oriented for the USD. The recent attempts at a recovery from around 1.3100 were met with resistance near the 20-period daily Exponential Moving Average (EMA) at 1.3230. This suggests selling pressure and a potential continuation of the downside move. Fundamentally, the US Dollar has been weak due to a lack of supportive fundamentals, including subdued retail demand and the Federal Reserve's ongoing fight against inflation through interest rate hikes. On the other hand, the Canadian Dollar has shown some strength, supported by easing inflationary pressures in Canada, which allows the Bank of Canada to keep interest rates steady. TRADE IDEA DETAILS CURRENCY PAIR: USD/CAD CURRENT TREND: Bearish TRADE SIGNAL: Sell 👉ENTRY PRICE: Approximately 1.3220 ✅TAKE PROFIT: Around 1.3077 ❌STOP LOSS: Near 1.3265
Short
by RichDadph-FX
USDCAD: Today!The USD/CAD exchange rate is uncertain around the 1.3170-80 level early on Wednesday morning in Europe. Although the downtrend has paused for now, traders are still looking for more evidence to support buying the Canadian dollar against its US counterpart, especially after a slow Asian session. On one hand, Canada's inflation numbers were disappointing, while the US Retail Sales data and a decline in WTI Crude Oil prices (Canada's main export) may attract buyers of the USD/CAD pair. On the other hand, positive market sentiment and concerns about the Federal Reserve's dovish stance are likely pushing the exchange rate higher.
Long
by Sphyn-Trader
16
USD/CAD: Potential swing trade shortWe outlined a bearish bias in a previous USD/CAD article which clearly did not play out, thanks to hawkish comments from Fed members, hawkish FOMC minutes and stronger economic data for the US. However, a strong Canadian employment report on Friday has now seen odds shift in favour of a 25bp BOC hike this week – and if that is to be coupled with a soft(er) than expected US inflation report, perhaps we’ll finally see that swing trade short play out after all. A 3-wave rally has stalled at the 50% retracement level and 50-day EMA to suggest a swing high is in place. We’ve seen a minor attempt to retrace within Friday’s range during Asian trade (and a higher retracement would be welcomed to help improve the potential reward to risk ratio). Assuming momentum has realigned with the bearish daily trend, a move towards (and break beneath) the June low on its way to 1.3000 is now in focus.
Short
by CityIndex
USDCAD | Might get a strong pull back.Friends, please support this idea with a BOOST if you find it useful. Might get a strong pullback even if it is uptrend in higher time frames. Reason: - The price is now trading near a strong resistance area . - Weaker support to the downside. Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Short
by Fx_Stormtrader
SHORT - USDCAD (D) (30 May 2023)Position Trade - USDCAD In the Monthly Chart, - Price is reaching again the Supply zone - Although price has been testing it over the years, the Supply zone has been holding. Thus, the price may reach deeper into the zone before dropping again, thereby presenting opportunities in the lower TFs i.e. WK or D1 for SHORTS In the Weekly Chart, - 2 things can happen - Either the price can break the Weekly demand OR the price will reach into Monthly Supply first and come down with good departure candles, then we can look for SELLS in the Daily timeframe.
Short
by angieh
USDCAD - Short active ✅Hello traders! ‼️ This is my perspective on USDCAD. Technical analysis: Here we are in a bearish market structure from 4H timeframe perspective, so I am looking for shorts. I expect bearish price action from here as we can see that price rejected from half of imbalance + 1H breaker block. Fundamental analysis: Tomorrow we have news on CAD, will be released monthly GDP, which is forecasted to increase, this means strength in currency. Like, comment and subscribe to be in touch with my content!
Short
by Snick3rSD