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USDCAD trade ideas

USD/CAD – Bearish Reversal Ahead?In this investment analysis, we are looking at USD/CAD, which is approaching the completion of a Harmonic Bat pattern, with the potential reversal zone (PRZ) around 1.3785 acting as a significant resistance level. After a strong rally from point C, price is now testing this critical area, suggesting a possible short-term correction or bearish reversal. The TDGMA indicates that the market is nearing overbought conditions. This adds further weight to the bearish reversal thesis, as historically, price has corrected after reaching such levels of overextension. 1. Sell from Point D (Bearish Reversal) Rationale: The Bat pattern is known for its reliability in forecasting reversals after reaching point D. With price now facing resistance at 1.38 zone and a nearby downtrend line, the odds favor a bearish reversal. The confluence of resistance and the completion of the pattern strengthen the case for a downside move. Entry: Sell after pattern confirmation and the appearance of a reversal candlestick near the 1.3785 resistance. Take Profit (TP): 1.36450 (above key support zone) Stop Loss (SL): 1.38 (above immediate resistance) The Bat pattern's completion, coupled with the strong resistance at 1.3785 and the overbought signal from the TDGMA, points to a high probability of a bearish reversal. This makes the short setup from point D a highly reliable and profitable strategy. Watch closely for confirmation before entering!
Short
by MrVNpt
2
USD/CAD Analysis: Exchange Rate Rises for Seven Consecutive DaysUSD/CAD Analysis: Exchange Rate Rises for Seven Consecutive Days Data shows that USD/CAD has formed seven consecutive bullish candles since 3 October, and today could mark the eighth in this sequence. This strong rise in the pair has been driven by the strengthening of the US dollar amid several fundamental factors. Media reports suggest that traders are reassessing the likelihood of further Federal Reserve rate cuts after yesterday’s inflation data release (as reported by Forex Factory): → Core Consumer Price Index (CPI) month-on-month: actual = 0.3%, expected = 0.2%, previous = 0.3%; → CPI month-on-month: actual = 0.2%, expected = 0.1%, previous = 0.2%; → CPI year-on-year: actual = 2.4%, expected = 2.3%, previous = 2.5%. Market participants may be speculating that the Fed will hold off on further monetary easing. Will the US dollar continue to strengthen against the CAD? Technical analysis of the 4-hour USD/CAD chart shows that: → The RSI indicator remains above 80, a rare occurrence in 2024; → The price is nearing the upper boundary of a descending channel (drawn from key reversal points marked by arrows); → The price is below the 1.3800 level, which acted as support in August but was broken, suggesting potential resistance. These technical factors point to the possibility of at least a bearish correction from overbought levels after a 2% rise in USD/CAD from its October low. The long upper wicks on recent candles further support this idea. Bears may attempt to take control with the release of key news today: → 15:30 GMT+3 – Canadian labour market data; → 15:30 GMT+3 – US Producer Price Index (PPI) data. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
1
USDCAD Approaching our sell entry.The USDCAD pair has been rising since the September 25 Low, all inside a 2-year Rectangle pattern of a wide range. The 1D RSI is about to enter the 70.00 overbought zone and every time it has done so within this pattern, a little later it got rejected to at least the 1D MA50 (blue trend-line). As a result, we will wait until 1.38500 and sell, targeting 1.36000 (which would be a -1.86% decline from the top, the minimum from the group of similar declines) or take the profit if the price hits the 1D MA50 before 1.36000. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
USDCAD h4 | Bullish Reversal Based on the H4 chart analysis, we can see that the price is falling toward our buy entry at 1.3703, which is an overlap support. Our take profit will be at 1.3804, a pullback resistance close to the 161.8% Fibo extension The stop loss will be placed at 1.3635, which is a pullback support level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). 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 TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Long
by FXCM
USDCAD 1:7 RR trade idea The dollar index almost hit a 2 year low but the price reversed only half a percent higher from the said level. After CPI news, the dollar ended its bullish streak, after touching the highs of 2020. For that reason the USDCAD, which has just finished its second bullish leg by the Elliot Wave theory(6 bullish days in a row). Currently looking for a second correction, to what quarterly VWAP high indicates. Looking for a 7% short trade setup(1% risk) targeting 1.365(Quarterly VWAP + 0.382 retarcement) for 100 pips. This analysis is taught and provided by Fractals Trading Community. Trade safely and expect the unexpected, Mei
Short
by martinmei
3
USDCAD → Breakout. One step away from distribution...FX:USDCAD makes an attempt to break through the resistance of the “wedge” consolidation on the background of a growing dollar, the reasons for which are economic data from the USA. NonFarm Payrolls are ahead! On the weekly timeframe, the currency pair is bouncing off the support trendline and heading towards resistance, the pattern as a whole resembles an ascending triangle. But still it is a global sideways range. The movements in it are quite difficult and the price is dragging between the local levels. Ahead is the NFP report, which may become an engine for the price, and based on the assumptions from Wednesday and ADP NonFarm we can assume that on this background the growth of the dollar and the currency pair may continue. Technically, the bulls are trying to hold the defense above the previously broken resistance. The impulse is beginning to form... Resistance levels: 1.358, 1.364 Support levels: 1.353, 1.347 If the bulls keep the price in the new plane (buying zone), the price may reach the nearest targets quite quickly. If the news will be favorable, then in this case a rally to the distant targets may be formed. Unpredictable data will bring the currency pair back to the range and may bring the price down to 1.347 Rate, share your opinion and questions, let's discuss what's going on with ★ FX:USDCAD ;) Regards R. Linda!
Long
by RLinda
8