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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

Trump and Trudeau Cause USD/CAD ReversalUSD/CAD broke lower on Monday, surprising traders who had been expecting a continuation of the uptrend. Political developments in both the US and Canada were the catalysts behind this sharp move, with the pair closing below a key consolidation range. US Dollar Weakens on Trump Tariff News The US dollar weakened after reports suggested that Donald Trump might scale back plans for sweeping tariffs on imports. Markets had initially priced in broad-based duties of 10% or more, but news of a narrower scope shifted sentiment. This sparked a relief rally in competing currencies, pulling the dollar index down by 0.7%. Although Trump quickly dismissed the report as “fake news,” the damage to the greenback was already done, as traders reassessed the inflationary and economic implications of the potential policy shift. Trudeau’s Resignation Lifts the Loonie In Canada, Prime Minister Justin Trudeau’s announcement of his resignation marked the end of nearly a decade in office. His departure, driven by internal party pressures and declining public support, injected optimism into Canadian markets. The Canadian dollar gained as traders welcomed the potential for political renewal ahead of elections later this year, with hopes for more stable governance and economic policies boosting confidence in the currency. Technical Breakdown for USD/CAD USD/CAD had been in a strong uptrend since mid-September, with the 50-day moving average diverging above the 200-day moving average. Over the holiday period, the pair entered a tight sideways consolidation range, a pattern often seen as a continuation signal during a bullish trend. However, Monday's political developments caused a break below the consolidation range, with the pair closing below key support levels. This move sets up the potential for a deeper retracement, with the 50-day moving average as the next critical level to watch. USD/CAD Daily Candle Chart Past performance is not a reliable indicator of future results Zooming in on the hourly chart reveals that USD/CAD has begun forming a series of lower swing highs, creating a descending trendline. This trendline serves as a key indicator for traders navigating the potential reversal. While the long-term uptrend remains intact, traders should be cautious of a possible fakeout. A decisive break back above the descending trendline and into the previous range could signal short sellers to cover their positions, negating the bearish setup. USD/CAD Hourly Candle Chart Past performance is not a reliable indicator of future results Disclaimer: This is for information and learning purposes only. The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. Social media channels are not relevant for UK residents. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
by Capitalcom
Bearish reversal off 61.8% Fibonacci resistance?USD/CAD is rising towards the resistance level which is a pullback resistance that lines up with the 61.8% Fibonacci retracement and could drop from this level to our take profit. Entry: 1.4390 Why we like it: There is a pullback resistance level that lines up with the 61.8% Fibonacci retracement. Stop loss: 1.4467 Why we like it: There is a pullback resistance level. Take profit: 1.4467 Why we like it: There is a pullback support level. 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.
Short
by VantageMarkets
USDCAD MOVE TO UP TREND MUST READ THE CAPTIONThe chart displays a technical analysis of the USDCAD currency pair using the Heikin Ashi candlestick type on the 1-hour timeframe. Here's the breakdown: 1. Bullish Cup-and-Handle Pattern: The yellow highlighted area suggests the formation of a bullish "cup-and-handle" pattern, which is a continuation signal for a potential upward movement. 2. Key Levels: Target Level (1.44753): The final target price for this setup. Take-Profit (TP) Levels: TP1: Near 1.43600 TP2: Around 1.44200 TP3: Close to 1.44700 Stop-Loss Level: Clearly marked below 1.42600 to manage risk in case of an invalidated pattern. 3. Projection and Trend: The blue arrows indicate the expected price movement. A break above the resistance levels will confirm the bullish trend. The price may face pullbacks before hitting the targets. If the price breaks below the stop-loss level, the bullish outlook becomes invalid. Conclusion: This analysis predicts a bullish continuation for USDCAD. Traders should monitor price action around the outlined levels, especially the TP and resistance zones. Confirmations, such as strong bullish candles or volume spikes, can improve trade confidence.
Short
by Forex_Vip_Signals
USDCAD Set To Grow! BUY! My dear friends, USDCAD looks like it will make a good move, and here are the details: The market is trading on 1.4314 pivot level. Bias - Bullish Technical Indicators: Supper Trend generates a clear long signal while Pivot Point HL is currently determining the overall Bullish trend of the market. Goal - 1.4357 About Used Indicators: Pivot points are a great way to identify areas of support and resistance, but they work best when combined with other kinds of technical analysis ——————————— WISH YOU ALL LUCK
Long
by AnabelSignals
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