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USDCAD trade ideas

Post analysis 11/19/24Hello and good evening traders, Thank you for taking the time to join me on our post analysis. We have identified a short opportunity in the USDCAD pair. The reason behind this engagement is the alignment of several key elements. Firstly, we observed weakness in the fundamentals of the US dollar and strength in the Canadian dollar. Secondly, these fundamentals aligned with our current trend. Thirdly, we experienced proper breaches of the previous session’s highs and lows. Lastly, we were able to gauge the opposition's strength and time an entry based of their lack of ability to perform. Timing Consideration: Timing was a significant concern, potentially impacting the trade’s advantageousness. the momentum of the opposing force and ascertain that their strength was waning. After considering these factors, it became evident that a short opportunity presented itself. However, timing proved to be a more significant concern. If we had given more attention to timing, we may have had the opportunity to select a more advantageous trade. Nonetheless, we ended the day with a positive outcome, presenting opportunities for improvement and enhanced performance in the future. See you all in the office tomorrow. Good night,
Short
by milesjohnson778
Bullish reversal off pullback support?USD/CAD is falling towards the support level which is a pullback support that is slightly above the 61.8% Fibonacci retracement and could bounce from this level to our take profit. Entry: 1.3952 Why we like it: There is a pullback support level that is slightly above the 61.8% Fibonacci retracement. Stop loss: 1.3900 Why we like it: There is an overlap support level that lines up with the 78.6% Fibonacci retracement. Take profit: 1.4003 Why we like it: There is a pullback resistance level that is slightly below the 38.2% Fibonacci retracement. 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.
Long
by VantageMarkets
Canadian CPI Inflation Accelerates in OctoberCanadian CPI Inflation Accelerates in October; Boc Still Likely to Cut Rates Policymakers ‘may’ think twice about reducing the overnight rate by another 50 basis points (bps) next month following inflation accelerating to the upside. I emphasise the word ‘may’ here. According to the October CPI inflation report (Consumer Price Index) released by Statistics Canada, headline YY (Year on Year) CPI inflation increased to 2.0%. This marked its first acceleration in five months, rising from 1.6% in September (north of economists’ expectations of 1.9%) and immediately sent the Canadian dollar (CAD) northbound. The release noted that gasoline prices fell less last month (4.0%), following September’s fall of 10.7%, ultimately bolstering headline inflation. In addition to this, the report also showed that shelter prices eased further, rising 4.8% from 5.0% in September. However, food (purchased from stores) showed prices accelerated by 2.7% from September’s reading of 2.4%. BoC Eyeing a 50 Basis Point Cut? The Bank of Canada (BoC) has reduced its overnight rate by 125 basis bps since June, and along with the previous meeting’s bumper 50 bp cut, the central bank’s Governor, Tiff Macklem, left the door wide ajar for further policy easing. Despite higher-than-expected inflation, price pressures remain around the BoC’s 2.0% mid-point inflation band of 1-3%. And we must remember that while it does show inflation increased, the rise in prices is largely in line with what the BoC expected according to their latest forecasts: ‘The Bank expects inflation to remain close to the target over the projection horizon, with the upward and downward pressures on inflation roughly balancing out’. This may explain the Canadian dollar’s swift correction in the CAD and the absence of follow-through after the release. Markets are still pricing in around 32 bps of easing for the BoC’s next policy decision – largely unchanged compared to before the release of inflation numbers. So, in my opinion, with the economy still weak, a loose labour market and inflation at target, the BoC cutting rates by another 50 bps remains a possibility next month. BoC’s Preferred Measures Increase Between September and October, inflation also increased to 0.4%, bettering the market’s median estimate for a 0.3% rise and above the previous 0.4% decline. The BoC’s preferred measures of inflation also accelerated to the upside. The CPI Median rose 2.5% from 2.3% in September (consensus: 2.4%), while the CPI Trim measure rose 2.6% from 2.4% in September (consensus: 2.4%). Therefore, the average pace of inflation between these two measures is 2.55%, up from 2.35% in September. Additionally, the CPI Common measure was higher at 2.2%, up from 2.1% in September. Where Does This Leave the USD/CAD? With oil prices lower and positioning for the CAD also low (according to CFTC data), as well as the central bank expected to continue easing policy and the Fed’s moderately hawkish commentary, the recent upside in USD/CAD should not be a surprise. However, while the USD/CAD is biased to the upside and has been for some time now, a correction is in play, and the recent inflation numbers added to the possibility of further downside. Technically, support on the weekly timeframe from C$1.3945 and C$1.3843 and two neighbouring support levels on the daily timeframe (C$1.3866 and C$1.3877) could be worth noting and possibly lend a floor for buyers to work with should the unit reach this far south. Shorter-term flow shows H1 price hovering just ahead of support from C$1.3959, which happens to be a level that converges with a reasonably long-term trendline support, extended from the low of C$1.3472, and a 50% retracement ratio coming in from C$1.3960. What’s also technically appealing for C$1.3959 support is the weekly support coinciding closely with the level at C$1.3945. As a result, this area on the charts could have USD/CAD buyers return to the fold if tested. Written by FP Markets market analyst Aaron Hill.
Long
by FPMarkets
USDCADLooking at USDCAD, the overall order flow remains bullish, but we're currently seeing a retracement. I'm anticipating a continuation to the upside. At the moment, we have an unmitigated demand zone, which is valid due to a liquidity sweep and a change of character originating from this zone. From there, the market created a new high at 1.41053. Now, we need to fill the inefficiency, wipe out the inducement, and wait for an entry on a lower timeframe once the price taps into our demand zone. Ideally, price will sweep the resting liquidity and take out the internal liquidity, confirming the bullish continuation.
Long
by EzratradesFX
Idea on a tradeUSD/CAD gains ground to around 1.4020 in Tuesday’s Asian session. The rising geopolitical risks support the USD. The Canadian CPI inflation report will be in the spotlight on Tuesday. The USD/CAD pair trades in positive territory near 1.4020 on Tuesday during the Asian trading hours. The resurgence of geopolitical tensions in the Middle East and in the Russia-Ukraine front boost the safe-haven currency like the Greenback. Investors will closely watch Canada’s Consumer Price Index (CPI) inflation data, which is due later on Tuesday. Citing two US officials familiar with the decision, CNN News reported on Sunday that US President Joe Biden's administration has authorized Ukraine to use US arms to strike inside Russia in a significant reversal of Washington's policy in the Ukraine-Russia conflict. Investors will monitor the development surrounding geopolitical risks. Any signs of escalation could lift the US Dollar (USD) against the Loonie.
by EZIO-FX
potential trades to develop 11/19/2024Welcome back, In this video, we provide a detailed analysis of the volatility that occurred in our previous submission. The volatility peaked at 6:30 p.m. and was directly attributed to the release of fundamental news information regarding the USD and CAD currencies. Following this development, we conducted further research to assess the potential impact of the volatility on trade opportunities. Utilizing correlation analysis, we identified that the USD experienced significant weakness, while the CHF, despite its weaker position on the chart, outperformed most of our weaker currencies, including AUD, GBP, and USD. Based on these findings, we remain vigilant for further market developments. Should we identify a suitable trade opportunity, we will provide a comprehensive explanation of our decision-making process. Subsequently, we will conduct a thorough post-analysis to assess the outcome of the trade. We anticipate your continued interest and look forward to sharing our insights with you.
Short
by milesjohnson778
Trading USDCAD and AUDUSD | Silver Bullet Strategy 18/11/2024The Silver Bullet strategy, introduced by the Inner Circle Trader (ICT), aims to exploit certain market conditions within specific time frames. It involves strategically placing entries at the initial fair value gap that emerges within these periods. Yesterday, we executed trades using this strategy and we plan to show you how to incorporate this strategy into your trading toolkit. Firstly, it's crucial to understand what a Fair Value Gap (FVG) is and recognize the optimal time to look for these trades, which is between 10:00 and 11:00 EST. In order to get into the groove of trading we got to our trading desk at 09:55 and with the help of the sessions indicator we have the our trading zones mapped out for us. It should be noted that the initial candle marking the start of a trading session cannot constitute the Fair Value Gap (FVG), but it can serve as the first candle in the formation of an FVG. The trading session began, and we were scouting for setups to trade using the silver bullet strategy. After 15 minutes, we noticed a Fair Value Gap (FVG) had formed on the USDCAD pair, which drew our attention to it. This development indicates that we should be on the lookout for potential selling opportunities this trading session. We must wait for price to retrace back to the FVG and only execute a trade after the candle that enters the FVG has closed. This approach helps us avoid trades that enter the FVG and immediately hit our stop-loss. After 10-minutes we got a retracement into the Fair Value Gap (FVG), and given that price did not surpass the high of the first candle in the FVG formation, we can enter this trade. A 10 pip stop loss will be set to provide sufficient room for the trade to develop. After initiating the trade, our USDCAD position experienced minimal drawdown, and by 10:35, it was progressing favorably in our desired direction. Simultaneously, we were evaluating potential setups on other currency pairs and observed the formation of a Fair Value Gap (FVG) on AUDUSD. The next candle retraced into the Fair Value Gap (FVG) created on the AUDUSD pair, indicating that upon its close, we could execute a trade on this pair. The USDCAD position swiftly hit the take profit (TP) target. Within just 25 minutes, we completed this trade and shifted our focus to the other open position, AUDUSD. The AUDUSD position was also moving favorably in the direction we anticipated. After a period of waiting, we checked the position and found that it had reached the Take Profit (TP) after two hours. We succeeded in both trades we entered yesterday, risking 1% on each and aiming for a total gain of 4%. As observed, both trades experienced minimal drawdown, but this does not guarantee similar entries in the future. It is advisable to backtest this strategy and collect sufficient data to reinforce your confidence should you choose to trade using this strategy.
Education
by CleoFinance
4-hr USD/CAD: Pullback Opens The Door For New BuyersThe USD/CAD pair has demonstrated a strong bullish trend, gaining nearly 300 pips since the start of the month. Despite occasional pullbacks and periods of consolidation, the pair's upward momentum remains robust, supported by the formation of a Golden Cross, where the 20-day moving average (MA) rises above the 60-day MA. This technical signal, often viewed as a historical indicator of continued buying potential, suggests further upside in the broader trend. From a risk-to-reward standpoint, however, buyers may benefit from waiting for a deeper correction to optimize entry points. Recently, the pair dipped to a support level corresponding to the 38% Fibonacci retracement, but trading volume has not yet been sufficient to reignite a strong bullish rally. Before the upward trend resumes, a further correction could retest the 1.3963 area, aligning with the 50% Fibonacci retracement. This level may provide a more favorable entry point for traders looking to capitalize on the prevailing uptrend. With the broader trend still intact, such a pullback could offer an advantageous setup for buyers seeking to join the momentum.
Long
by Trendsharks
Top 10 Trading Books Every Trader Must Read (+ 3 Life-Changers) Trading isn’t just a skill—it’s a journey. Over the last 16 years, I’ve dedicated myself to mastering the markets, learning from both triumphs and setbacks. Along the way, these books have been invaluable companions, shaping my mindset, refining my strategies, and transforming my approach to trading. Here’s my curated list of the top 10 trading books I’ve read, plus three bonus gems that offer timeless principles to enrich both your trading and life. Introduction Trading is as much about strategy and discipline as it is about understanding markets. The books I’ve read over the years have equipped me with the technical knowledge, psychological tools, and philosophical insights needed to navigate the complexities of trading. Some taught me to analyze charts and manage risk, others guided me in understanding human behavior, and a few challenged me to see trading as part of a larger personal journey. Here are the must-reads that have made the biggest impact on my trading career. 1. "Reminiscences of a Stock Operator" by Edwin Lefèvre Why It’s Essential: This classic tale, inspired by the life of Jesse Livermore, captures the essence of trading psychology, market speculation, and the hard lessons every trader must learn. Key Takeaways: Understand Market Sentiment: Trading isn’t just numbers—it’s about understanding crowd psychology. Patience is a Virtue: Wait for high-probability setups; don’t trade just for the sake of it. Risk Management: Protecting your capital is as important as making profits. Learn from Your Losses: Every mistake is a lesson in disguise. 2. "The Market Wizards Collection" by Jack D. Schwager Why It’s Essential: This book is a treasure trove of wisdom from some of the most successful traders in history, proving there’s no single formula for success. Key Takeaways: Diverse Approaches Work: There’s no one-size-fits-all in trading. Risk Control is Key: Every great trader has a plan for managing risk. Traits of Winners: Discipline, focus, and continuous learning are non-negotiable. Psychology Matters: Master your emotions to master the markets. 3. "Trading in the Zone" by Mark Douglas Why It’s Essential: This book transformed the way I approach the mental side of trading, teaching me how to think in probabilities and detach from individual outcomes. Key Takeaways: Probabilistic Thinking: Focus on probabilities, not certainties. Control Your Emotions: Stay calm and composed, no matter the outcome. Consistency is Everything: Build trust in your process to achieve consistent results. Detach from Results: Focus on executing your plan, not the outcome of individual trades. 4. "Thinking in Bets" by Annie Duke Why It’s Essential: Written by a professional poker player, this book taught me to approach trading as a decision-making game under uncertainty. Key Takeaways: Decisions Over Outcomes: Good decisions can still lead to bad results due to chance. Embrace Uncertainty: Learn to make peace with the unknown. Learn from Feedback: Use outcomes to refine your process. Emotion-Free Decision Making: Stay rational, even in high-pressure situations. 5. "Technical Analysis of the Financial Markets" by John J. Murphy Why It’s Essential: This comprehensive guide to technical analysis gave me the foundational tools to analyze price action and trends effectively. Key Takeaways: Chart Basics: Learn to read and interpret market charts with precision. Identify Trends: Recognize trends early and ride them for maximum profit. Indicators and Tools: Master technical tools to enhance your trading edge. Intermarket Analysis: Understand how different asset classes influence one another. 6. "Trade Your Way to Financial Freedom" by Van K. Tharp Why It’s Essential: This book taught me how to build a trading system tailored to my personality and financial goals. Key Takeaways: Customized Trading Systems: One size doesn’t fit all. Position Sizing Matters: Manage risk with strategic position sizing. Understand Your Psychology: Your mindset directly affects your results. Evaluate Systems: Use expectancy to measure the effectiveness of your approach. 7. "The Intelligent Investor" by Benjamin Graham Why It’s Essential: Though focused on investing, the principles in this book are timeless and applicable to trading, especially the importance of discipline and patience. Key Takeaways: Value Matters: Focus on substance, not hype. Margin of Safety: Always leave room for error. Long-Term Thinking: Success requires patience and discipline. Emotions Kill Returns: Stay rational and ignore market noise. 8. "Fooled by Randomness" by Nassim Nicholas Taleb Why It’s Essential: This thought-provoking book challenged me to rethink the role of luck and randomness in trading. Key Takeaways: Recognize Randomness: Not all outcomes are the result of skill. Avoid Overconfidence: Understand the limits of your knowledge. Expect the Unexpected: Prepare for rare, high-impact events. Humility Wins: Stay grounded, no matter your success. 9. "The Psychology of Trading" by Brett N. Steenbarger Why It’s Essential: This book helped me understand how emotions and stress affect trading decisions, and how to manage them. Key Takeaways: Emotional Mastery: Use self-awareness to improve decision-making. Stress Management: Learn techniques to stay calm under pressure. Behavioral Patterns: Recognize and break harmful habits. Personal Growth: Continuous improvement is key to long-term success. 10. "The Alchemy of Finance" by George Soros Why It’s Essential: This book introduced me to Soros’s theory of reflexivity and inspired me to think critically about market dynamics. Key Takeaways: Market Reflexivity: Market participants influence market fundamentals. Macro Insights: Think big-picture when analyzing markets. Risk-Taking Philosophy: Be bold but calculated in your trades. Adaptability is Key: Stay flexible and ready to pivot as markets change. Bonus Books: Beyond Trading 11. "Think and Grow Rich" by Napoleon Hill Why It’s Essential: This timeless classic taught me the power of mindset, goal setting, and persistence in achieving success. Key Takeaways: Clarity of Purpose: Define what you want and go after it relentlessly. Faith in Yourself: Believe in your ability to succeed. Persistence Pays Off: Never give up, even in the face of adversity. Positive Thinking: Your thoughts shape your reality. 12. "The Science of Getting Rich" by Wallace D. Wattles Why It’s Essential: This foundational text for the law of attraction explains how focused thought and purposeful action can create wealth and success. Key Takeaways: Thought Shapes Reality: The book teaches that everything begins with a clear, focused thought. Visualizing success and wealth helps bring them into reality. Gratitude Multiplies Wealth: Being thankful for what you have opens the door to receiving more. The Law of Attraction: Align your thoughts and actions with the frequency of abundance to attract wealth. Creative Thinking Over Competition: Focus on creating value and opportunities instead of competing with others. Act with Faith and Purpose: Consistently take action while trusting the proces 13. "The Hero’s Journey" by Joseph Campbell (Personal Favorite) Why It’s Essential: This book explores the universal story structure that underpins all great adventures and challenges, including the trader’s personal journey. Key Takeaways: Understand Your Path: Every trader's journey mirrors the hero's arc—struggles, transformation, and mastery. Embrace Challenges: Difficulties are part of growth and lead to ultimate success. Learn from Mentors: Guidance from others can illuminate the path forward. Transformation Leads to Mastery: The journey itself transforms you into a better, more capable person. Over 16 years of trading, these books have been my guideposts, offering technical insights, psychological breakthroughs, and inspiration for the journey. Whether you're just starting out or looking to refine your edge, these reads will give you the tools and mindset to thrive. Final Thoughts: Start with One: Pick the book that resonates most with where you are now. Take Action: Apply the lessons to your trading and mindset immediately. Commit to Growth: Trading isn’t just a profession; it’s a personal evolution. These books have shaped my trading and life. I hope they inspire you to achieve your own success and thrive in every aspect of your journey.
Education
by TheFxAce
7
USD/CAD "The Loonie" Bank Money Heist Plan on Bearish SideOla! Ola! My Dear Robbers / Money Makers & Losers, 🤑💰 This is our master plan to Heist USD/CAD "The Loonie" Bank based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Short entry. Our target is Near the Green Zone that is High risk Dangerous level, market is oversold / Consolidation / Trend Reversal / Trap at the level Bullish Robbers / Traders gain the strength. Be safe and be careful and Be rich 💰. Entry 👇 📉: Can be taken Anywhere, What I suggest you to Place Sell Limit Orders in 15mins Timeframe, Recent / Nearest High Point. Stop Loss 🛑: Recent Swing High using 30m timeframe Attention for Scalpers : Focus to scalp only on Short side, If you've got a money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money 💰. Warning : Fundamental Analysis news 📰 🗞️ comes against our robbery plan. our plan will be ruined smash the Stop Loss 🚫🚏. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. 💖Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style. Stay tuned with me and see you again with another Heist Plan..... 🫂
Short
by Thief_Trader
USD CAD Live AnalysisThe USDCAD price traded with clear negativity yesterday to break the minor support 1.4025$ and settle below it, to head towards potential test to the bullish channel’s support line around 1.3960$, making the bearish bias expected in the upcoming sessions, noting that this decline is temporary, waiting to resume the main bullish trend again after testing the mentioned support. On the other hand, we should note that breaching 1.4025$ will stop the expected decline and lead the price to resume the main bullish wave again. The expected trading range for today is between 1.3960$ support and 1.4080$ resistance Trend forecast: Bearish temporarily
Long
by rumeshprasanga