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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

Head & ShouldersHello traders this is my head and shoulders back test I usually back test my strategies every 3-6 months because they usually change and I often adjust them. This back test is based on Major pairs only from 2023-2024 For my head and shoulders strategy to be effective I will be implementing a few rules: For TP Hit I will measure if the head and shoulders went as far as the height from the right shoulder to the neck. I will not be including trades such as these .where the breakout was due to high impact news. I will only be taking head and shoulders with a horizontal neckline only I will be focusing on 1h tf The ones I wouldn’t take in real trading: Here are some of the trades that I wouldn’t take in my real trading, some of these trades have a tilted neckline while some have a wrong shoulder to head ratio. Fake out: TP hit: SL HIT: Conclusion: Head and shoulders when paired with trend lines: When I paired my head and shoulder with trend line breakout it has proven to be very powerful. Ranging markets: This strategy is a reversal strategy so it doesn’t work well when we have ranging markets even the head and shoulders indicator is having trouble identifying head and shoulders. The strategy does not perform well in NZDUSD Because it ranges quite a lot which indicates that this strategy can not be used on weak forex pairs such as EURGBP. The minimum number of trades considered to be a good back test can be 100 to 200 trades my back test is way below the recommended mark. There are certain key points to note: I used data from 2023 to 2024 only I back tested only Major forex pairs I used only Head and shoulders that broke not the ones that failed to even breakout eg: approximate win rate 58%
by Linkhive001
Canadian CPI Inflation Slows to 2.0% in AugustInflationary pressures in Canada continued to subside in August, underpinning the possibility of more policy easing this year. According to a report released by Statistics Canada (StatCan) earlier today, headline CPI inflation (Consumer Price Index) cooled to +2.0% in August (YoY), down from +2.5% in July and south of economists’ expectations of +2.1%. This marks the first time since February 2021 that the headline inflation rate has hit the Bank of Canada’s (BoC) 2.0% inflation target and highlights the eighth consecutive month that headline inflation has remained within the central bank’s inflation band of 1-3%. StatCan noted that the deceleration in inflation for August was ‘due, in part, to lower gasoline prices, due to a combination of lower prices and a base-year effect’. Headline CPI inflation dropped -0.2% between July and August, defying the market’s median estimate of a flat reading and below the +0.4% previous print. The BoC’s preferred measures of inflation also continued to slow in August. The CPI Median rose +2.3% from +2.4% in July (consensus: +2.2%), while the CPI Trim measure rose +2.4% from +2.7% in July (consensus: +2.5%). Therefore, the average pace of inflation between these two measures is +2.35%, down from +2.55 in July. Additionally, the CPI Common measure was lower in August at +2.0%, down from +2.2% in July. 25 or 50? The BoC next meets on 23 October, where markets are fully pricing in the possibility of another rate cut. Following the release of inflation data, OIS traders (Overnight Index Swaps) are pricing in 39 basis points of cuts for next month’s meeting, with 75 basis points of easing for the year. At current levels, whether the BoC opts for a 25 or 50 basis point reduction in October is essentially a coin toss. The central bank cut rates for a third consecutive meeting in September and signalled that further rate cuts are on the table. The latest rate cut brought the Overnight Rate to 4.25%. USD/CAD Resistance Longer-term price action has remained rangebound between monthly support at C$1.3244 and resistance coming in from C$1.3818 since late 2022. As you can see from the monthly chart, price faded range resistance in August, and follow-through downside has so far been limited. Areas of support and resistance beyond the current range reside at C$1.2975 and C$1.4066. Across the page on the daily chart, support entered the fray at C$1.3443 – some technical analysts will refer to this base as a Quasimodo support level. The reaction from the base was strong and eventually saw the currency pair shake hands with resistance at 1.3609, a level boasting strong historical significance and one which has proven to be a difficult barrier to overcome. However, having seen the Relative Strength Index (RSI) nudge back above its 50.00 centreline (positive momentum), a break higher could be on the cards, with buyers targeting neighbouring daily resistance at C$1.3661.
Long
by FPMarkets
#USDCAD 1HSell Opportunity: USDCAD 1H Chart Pattern: Rectangle Resistance Description: On the 1-hour chart for USDCAD, the currency pair is showing a classic rectangle pattern at the resistance level. This pattern is characterized by a consolidation phase where the price oscillates between well-defined support and resistance lines, forming a horizontal channel. Currently, the price is approaching the upper boundary of this rectangle pattern, which acts as a resistance level. This is a typical sell opportunity as the market is expected to face selling pressure upon hitting this resistance. Traders should consider entering a sell position as the price tests this resistance area, with the expectation of a potential reversal or pullback. The ideal strategy would be to set a stop-loss just above the resistance level to manage risk, and look for a target within the rectangle's support range. Keep an eye on additional confirmation signals, such as bearish candlestick patterns or momentum indicators, to validate the sell setup and increase the probability of a successful trade.
Short
by PIPSFIGHTER
USD/CAD - Swing Trade - Trendline breakTrendline Break Play: 1.Wait for a valid trendline break on a higher timeframe (e.g., 1-hour chart). 2.Wait for Closure Above 1-Hour Resistance: Wait for a full candle to close above this resistance to ensure a genuine breakout. 3.Wait for Retest of Support: After the breakout and closure above resistance, wait for the price to retrace. The previous resistance should now act as support. 4.Take Entry on Support: Enter the trade when the price touches the newly formed support. 5.Risk Management: Place a stop loss below the retested support level, giving some buffer to account for volatility.
Long
by PipShiesty
2
MarketBreakdown | USDCAD EURNZD, GBPCAD, GBPCHF Here are the updates & outlook for multiple instruments in my watch list. 1️⃣ USDCAD daily time frame 🇺🇸🇨🇦 The pair is currently consolidating within a horizontal range on a daily. I am waiting for a breakout of a one of the boundaries of the range to confirm the future direction of the market. I think that the price may keep coiling before the FED rate decision on Wednesday. 2️⃣ EURNZD daily time frame 🇪🇺🇳🇿 Similarly to USDCAD, EURNZD is also in a deep consolidation. The pair trades in sideways for many days, perfectly respecting the same horizontal resistance and support. Our trigger and the signal will be its breakout. 3️⃣ GBPCAD daily time frame 🇬🇧🇨🇦 We see a violation of a significant daily horizontal resistance and a formation of a new year's high. It indicates a clear strength of the buyers and a highly probable further bullish continuation. I will look for a retest of a broken structure to buy from there. 4️⃣ GBPCHF daily time frame 🇬🇧🇨🇭 I see a confirmed breakout of a resistance line of a falling parallel channel. With a high probability, the price will go up after its retest. Do you agree with my market breakdown? ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
1
USD/CAD H4 | Potential bearish reversalUSD/CAD is rising towards an overlap resistance and could potentially reverse off this level to drop lower. Sell entry is at 1.3614 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level. Stop loss is at 1.3717 which is a level that sits above the 50.0% Fibonacci retracement level and an overlap resistance. Take profit is at 1.3493 which is a swing-low support. 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 (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.
Short
by FXCM