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USDCAD trade ideas

Lingrid | USDCAD short Trade after RESISTANCE rejectionFX:USDCAD has been moving steadily upward since the beginning of October, making nine consecutive bullish days. The price has reached significant levels on both the weekly and daily timeframes. As it approaches the resistance area, it appears to be running out of steam, with the candles shrinking in size, indicating a loss of momentum. Upon zooming out, we can see that the price tanked from resistance at 1.38500 multiple times. I expect the market to form at least a short-term pullback. If we see a rejection candle, we can expect the price to move lower. However, given that today is packed with CAD news, it's possible that the market will be volatile, leading to significant wicks up and down. My goal is support level at 1.36650 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
6
Canada’s job growth sparkles but Canadian dollar fallsThe Canadian dollar can’t find its footing and is trading at nine-week low against the US dollar. In the North American session, USD/CAD is trading at 1.3792 at the time of writing, up 0.21%. The Canadian dollar has recorded eight straight losing sessions and is down 1.9% in October. The week ended on a high note, as Canada’s employment growth jumped by 46.7 thousand, crushing the market estimate of 27 thousand and sharply higher than the August reading of 22.1 thousand. Full-time employment surged by 112 thousand, following a decline of 43.6 thousand in August, while the unemployment rate dropped from 6.6% to 6.5%. The impressive numbers couldn’t stop the Canadian dollar’s nasty slide but it will please Bank of Canada policymakers. The central bank has shifted its primary focus from inflation to risks to the labor market, now that inflation has been largely contained. In August, CPI dropped to 2%, its lowest level since February 2021. The BoC meets next week and has a tough decision to make. The drop in inflation raised the odds of a 50-basis point cut but Friday’s employment report was stronger than expected and supports the case for a modest 25-bps cut. The BoC has been aggressive in its rate-cutting cycle and has lowered rates three times this year in a bid to ease the pressure of elevated rates. The Federal Reserve has been late to the rate-lowering party, delivering its first rate cut in September. Still, the oversized 50-basis point cut in September signaled that the Fed means business and isn’t afraid to slash rates with large cuts. The Fed is expected to trim rates by an additional 50 or 75 basis points before year’s end. The most likely scenario is rate cuts of 25 bps in both November and December. The Fed could, however, deliver one more 50-bps cut if employment or inflation numbers are lower than expected. USD/CAD has pushed above resistance at 1.3758 and is testing resistance at 1.3790. The next resistance line is 1.3817 1.3731 and 1.3699 are the next support levels
by OANDA
USD/CAD Powering Higher Ahead of Canadian CPI NumbersMonth to date, the USD/CAD currency pair (US dollar versus the Canadian dollar) is up 2.0% and testing monthly highs. Monthly Price Action Suggests Further Upside Ahead The monthly timeframe exhibits scope to explore higher terrain until reaching resistance at C$1.3945, following a rebound from a support zone around C$1.3534. Technically, the pair has been hampered by said resistance since October 2022. However, sellers have been largely unwilling to commit, thus suggesting an eventual breakout to the upside and shining light on another layer of resistance at C$1.4193. Daily Resistance Could Hinder Buying Meanwhile, price action on the daily timeframe shows the unit testing the mettle of resistance coming in at C$1.3795. Beneath here, a decision point area is seen at C$1.3692-C$1.3717, while a break above current resistance could have the currency pair knocking on the door of a resistance zone between C$1.3877 and C$1.3866. Although the monthly timeframe suggests a break above daily resistance is likely, the daily chart's Relative Strength Index (RSI) has recorded overbought conditions. Shorter-term flow on the H1 timeframe, as you can see, has been working closely with picture-perfect trendline support since the beginning of October (extended from the low of C$1.3472). As of writing, buyers and sellers are squaring off just south of C$1.38 (the figure) and neighbouring resistance at C$1.3810; note also that upside momentum has slowed since last Thursday. H1 Structure is Key While monthly flows suggest further outperformance, the daily timeframe’s resistance at C$1.3795 (and the RSI indicating overbought conditions) may concern buyers. To help determine short-term direction, H1 trendline support and C$1.38 will be key levels to watch. A noteworthy break above the big figure (and C$1.3810 resistance) would imply bullish strength (in line with monthly flow), and continuation moves toward at least H1 resistance from C$1.3848. At the same time, defending H1 resistance and prompting a breakout below the H1 trendline support indicates daily resistance may invite profit-taking and a possible dip to at least H1 support from C$1.3735 or C$1.37 (the figure).
by FPMarkets
USDCAD SellUSDCAD looks like a sell on the H4 and has been moving steadily down from my last entry in UC. I believe that there will be a potential double top move looking to move towards the 1.37800s and since we are within that range it is clearly looking for prior price action to do a pullback or continue the reversal pattern of a downtrend. I am looking for this mainly to be a day trade, however, I will also be placing a swing trade for my other trading accounts to bare in mind to also use PROPER risk management. RSI also indicates that we are long overdue a major short and will see it within the next few candles how far USDCAD can go. I also have spotted trend patterns go back to July 25th of this year and it extending all the way down for a month straight crashing USDCAD all the way down till the very bottom of the RSI. ENTRY: 1.37951 TP 1 (Day Trade): 1.1.36230 TP 2 (Swing Trade): 1.35434 TP 3: (extended swing trade) 1.34396 SL: 30 Pips from entry Please message me if you have any questions! Please enjoy your day and be sure to follow our page!
Short
by KingTraderFX
2
USDCAD Will Move Lower! Sell! Here is our detailed technical review for USDCAD. Time Frame: 1h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The price is testing a key resistance 1.378. Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 1.374 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
Short
by SignalProvider
2
USD/CAD H4 | Potential RSI bearish divergenceUSD/CAD is trading close to an overlap resistance and could potentially reverse off this level to drop lower. Sell entry is at 1.3796 which is an overlap resistance (a potential RSI bearish divergence has been identified). Stop loss is at 1.3866 which is a level that sits above an overlap resistance. Take profit is at 1.3701 which is a pullback support that aligns with the 23.6% Fibonacci retracement 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 (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
USD/CAD trade setups as Canada's inflation report loomsUSD/CAD sits just below a known level heading into Tuesday’s Canadian inflation report, providing a potential setup for bulls or bears depending on the price action evolves. 1.3792 is the level in question, acting as both support and resistance on multiple occasions earlier this year. Sitting less than 10 pips away, how the price interacts with the level before or after the inflation data should inform you on what setup to choose. With RSI (14) and MACD providing bullish signals on momentum, the path of least resistance appears higher near-term. If we were to see the price break and hold above 1.3792, longs could be initiated with a stop below for protection. Possible targets include 1.3947 or 1.39777, two levels coinciding with former market peaks. Alternatively, if the price were to be rejected at the level, you could sell with a stop above for protection. Potential targets include 1.3708, 1.3647 or 200-day moving average. With nine consecutive bullish daily candles, equalling the run seen in July, it’s safe to assume near-term positioning in stretched in favour of USD longs, suggesting an upside surprise in the inflation report may deliver the greatest market impact. Another bullish candle on Tuesday would make this the longest winning streak since 2017. Good luck! DS
by FOREXcom