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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

Bearish drop?USD/CAD has reacted off the resistance level which is a pullback resistance that lines up with the 61.8% Fibonacci retracement and could drop from this level to our take profit. Entry: 1.4412 Why we like it: There is a pullback resistance level that lines up with the 61.8% Fibonacci retracement. Stop loss: 1.4539 Why we like it: There is a pullback resistance level. Take profit: 1.4247 Why we like it: There is an overlap support level. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Short
by VantageMarkets
USDCAD - Bullish ProspectsUSD/CAD's 4-hour chart suggests that if we see a nice correction in the current area around 1.434, we may experience a continuation to the upside as indicated by the arrow on the chart. The pair has been showing volatility since early March, reaching a peak of approximately 1.4540 before pulling back. The projected path illustrated with the zigzag line indicates a potential corrective move down followed by renewed bullish momentum. This potential upside continuation would likely target levels beyond the recent high, with the current consolidation possibly serving as a base for the next leg up. The highlighted blue box area represents a support zone that could contain the correction before the anticipated upward move materializes. Traders should watch for price action confirmation within this region to validate the bullish scenario. Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Long
by financialflagship
USD/CAD - Harmonic Patterns and Momentum IndicatorsTechnical Analysis of USD/CAD - Harmonic Patterns and Momentum Indicators Overview: The USD/CAD chart illustrates price action on the hourly timeframe, incorporating harmonic patterns, Fibonacci retracements, and momentum indicators to identify potential reversal and continuation points. The presence of a Crab harmonic pattern suggests a critical turning point, while momentum oscillators provide additional confirmation. **Harmonic Pattern Analysis:** 1. A **Crab harmonic pattern** is evident, with the price reaching the terminal point at approximately **1.44627**. 2. The **XA and BC Fibonacci extensions** align with key retracement levels, reinforcing the likelihood of a reversal at this zone. 3. The price has **rejected the high point**, indicating potential exhaustion of bullish momentum. **Support and Resistance Levels:** - **HOP (Harmonic Optimal Point):** **1.44627** - The potential completion zone of the Crab pattern. - **XA Retracement:** **1.43968** - A key structural support level. - **BC Level:** **1.43721** - A secondary support level for price continuation. - **T2 (Target 2):** **1.42596** - A potential downside target if bearish momentum continues. **Momentum Indicators:** - **Stochastic RSI & Relative Strength Index (RSI):** - The **Stochastic RSI** shows a recent overbought condition, followed by a decline, indicating potential bearish momentum. - The **RSI also exhibits bearish divergence**, where price made a higher high while RSI formed a lower high, suggesting weakening bullish strength. **Market Sentiment & Potential Trade Opportunities:** - Given the rejection at **1.44627**, a **short position** could be considered if confirmation of further downside emerges. - A break below **1.43968** could reinforce the bearish bias, with **1.42596** as a potential target. - However, if the price finds support and rebounds, a bullish continuation could be anticipated, requiring further validation. **Conclusion:** The **Crab harmonic pattern, overbought momentum indicators, and Fibonacci confluence suggest a possible bearish reversal**. Traders should monitor **key support levels and momentum shifts** to determine whether the bearish scenario plays out or if buyers regain control. Risk management and confirmation signals are crucial before entering a trade.
Short
by BeaucoupPips
USD/CAD Market Analysis: Potential Reversal from Resistance ZoneThe USD/CAD pair on the 15-minute timeframe is showing signs of a potential bearish reversal. The price has been in an uptrend, forming higher highs and higher lows while respecting a diagonal support trendline. However, it has now approached a key resistance zone around 1.43575, as marked by the M15 supply area. The current price action suggests a rejection from this resistance, with wicks indicating selling pressure. If the price breaks below the ascending trendline, a further decline towards the 1.42794 support level is likely. The risk-to-reward setup favours short positions if confirmation of a bearish structure shift occurs. Traders should monitor price action closely for a trendline break or a strong bearish engulfing candle to confirm the sell-off.
Short
by BeaucoupPips
The USDCAD pair forecast. Canadian dollor preasured by weak job.Hello' The USDCAD pair has been caught in a Head and Shoulder pattern. Before it fell and rebounded, there was a consolidation area that indicated a rising reason, which also resembled a Pole and Flag pattern. After the rebound, the subsequent fall was larger than the initial rise. Now, we have a point for selling, allowing us to set our position and take advantage of the bearish trend. NEWS update🚨 The canadian dollor hovered above 1.43 per USD, nearing a one-month low of 1.45 reached on march 3, as investors absorbed disappointing labor market data. It's all about my thought. What you think about "USDCAD" pair. Write in the comment section. Thanks.
Long
by David_1_8
2