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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USD/CAD To Turn? Short Side CaseUSD strength has persisted post strong economic data. FED rate cut bets have dropped opening up the door to rises, in comparison with the BOC cycle (quicker easing). Growth looking to have flatlined in Canada also not helping. Looking for follow through on any price rejection. Technical case for shorts has been around for 2 years or so and these areas have been sustainable. Clear long side profit taking. Short side bias taken as Market awaits sentiment. Potential Post NFP.
by WillSebastian
1
USDCAD -Bearish ReversalUSD/CAD is poised for potential bearish movement. A critical level to monitor is the previous higher low; a break below this level would confirm a bearish reversal. Additionally, the presence of divergence on the chart, coupled with a break of the trendline, reinforces the bearish outlook. This suggests that the bullish momentum may be weakening, opening the door for sellers. Traders should keep an eye on these key levels for potential trading opportunities.
Short
by gulraizali90
USDCAD! 10/30 ! Resistance H4 SELL signal USDCAD trend forecast October 30, 2024 The USD/CAD pair continues its upward trend on Tuesday, rising 0.23% to 1.3910, near Monday’s three-month high of 1.3908. The Greenback's strength, coupled with a drop in oil prices, supports this movement. Positive US economic data has fueled expectations for Fed rate cuts in November. September’s JOLTs report was mixed but slightly below forecasts, while August home price indices exceeded expectations, indicating persistent shelter inflation. Resistance H4 - overbought zone. In the context of the falling dollar, inflation cooling down in the US, causing the USD/XXX currency pairs to adjust down. /// SELL USDCAD : zone 1.39300 - 1.39500 SL: 1.39800 TP: 60 - 100 - 250 pips (1.37000) Safe and profitable trading
Short
by Moon-ForexAcademy
2