USDCAD Employment Data TradingCanada Employment data comes shortly.
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USDCAD trade ideas
USDCAD top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
Canadian dollar rallies, jobs report loomsThe Canadian dollar has shined this week, posting gains over the past four days and rising 1%. Will the impressive rally continue? In the North American session, USD/CAD is trading at 1.3732, unchanged on the day.
Canada wraps up the week with the July employment report. The June report was soft, with job growth coming in at -1.4 thousand, a rare decline. The markets are expecting strong turnaround today, with an estimate of 26.9 thousand. The flip side is that the unemployment rate is expected to nudge up to 6.5%, compared to 6.4% in June. If the employment report is a mix as expected, it will be interesting to see how investors respond.
The Bank of Canada will be watching closely as it looks to the next meeting on September 4. The BoC has led the recent global trend of lowering rates, having trimmed rates by a quarter-point at each of the past two meetings. If the labour market shows further signs of cooling, it will support the case to lower rates again, perhaps as early as September. The Federal Reserve is virtually guaranteed to cut rates when its meets on September 18 and this will make it easier for the BoC to cut without putting downward pressure on the Canadian dollar.
In the US, weaker economic data and the meltdown in the global stock markets has raised expectations of a half-point cut from the Fed in September. The probability of that scenario, only 3% a month ago, has soared to 54.5%, according to the CME’s FedWatch. The market slide led to calls for an emergency rate cut, but the US stock market has rebounded this week. Still, there is an uneasy calm as fears persist that the US economy is showing signs of deteriorating quickly and the sell-off could reignite if the US posts weak data.
1.3746 is a weak resistance line, followed by 1.3809.
There is support at 1.3704 and 1.3679
Check the trend It is expected that after some fluctuation, the beginning of an upward trend will form and advance to the specified resistance range.
Bearish momentum to extend?USD/CAD has reacted off the resistance level which is an overlap resistance and could drop to our take profit.
Entry: 1.3755
Why we like it:
There is an overlap resistance level.
Stop loss: 1.3805
Why we like it:
There is a pullback resistance level which aligns with the 38.2% Fibonacci retracement.
Take profit: 1.3664
Why we like it:
There is a pullback support level that lines up with the 78.6% Fibonacci retracement.
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USDCAD Trying to break strong Lvl 1.36650FX:USDCAD I am looking for longs as price is creating demand on higher TF. BUT price is struggling to break resistance Lvl of 1.36650 and I am also seeing a H&S pattern on the 4HR TF. If H&S neckline break is successful it could potentially have price break through Daily OB for strong bearish move down to 1.3500. Let's see what happens.
USDCAD Bullish flag forming possiblyOn the photo you can see all the price levels. Overall USDCAD has been strongly bearish movement but price has a had a short term bullish move. Currently I am seeing a bullish flag forming. Price is coming back to a very strong Weekly and Daily support area. I will be looking for longs at this price Lvl as I believe we might see a reversal in trend. Also we have news that is looking for strong for USD that I believe might help push the reversal. Happy trading. This coming week is going to be very interesting.
USDCAD: Long Signal Explained
USDCAD
- Classic bullish setup
- Our team expects bullish continuation
SUGGESTED TRADE:
Swing Trade
Long USDCAD
Entry Point - 1.3745
Stop Loss - 1.3700
Take Profit - 1.3818
Our Risk - 1%
Start protection of your profits from lower levels
❤️ Please, support our work with like & comment! ❤️
Double Bottom Pattern in USD/CADAs you can see, a double bottom pattern has formed in the USD/CAD currency pair, presenting a valuable trading opportunity. 📈
Given the current trend's weakness and the fact that we are in the 61.8% Fibonacci retracement area of the previous larger move, this setup looks promising. 📉
A move beyond the pattern's target range would signify a complete trend reversal and a retest of the main daily resistance. 🚀
💡 Don't miss out on this potential trade! Like, comment, and share your thoughts below.
#USD #CAD #Forex #Tradecitypro #TCP #DoubleBottom #Fibonacci #TrendReversal
USD/CAD OERDERBLOCK AND RSIThe RSI its reaching an important resistence zone that its rejected pefectly and its confirmned by the 15 min strong order block that gives to many profits yesterday for the sellers.
USD/CAD DOUBLE TOP FORMATION?What a perfect way to watch this chart pattern that its going to be so more strong to the downside if the double top continious forming and the price breaks the neckline of the formation pattern then the downside movements will be more strong.
USD/CAD ANOTHER OB ENTRY OR FIBONACCI?The price yesterday perfectly fullfilled my idea to sell in the orderblock and now the price its rejecting this ob aghain or what can happens to its the price to reject the Fibonacci that I marked too
USDCADPair : USDCAD ( U.S Dollar / Canadian Dollar )
Description :
Completed " 12345 " Impulsive Waves
Break of Structure
RSI - Divergence
Falling Wedge as an Corrective Pattern in Short Time Frame
Support Level
USDCAD and EURUSD Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
RETESTING CONTINUESHI FRIENDS , this pair broke out for long around the area 1.37018 and continued to go up from there. it there turn down around the resistance and continued with its journey of retest. this retest should be complete around 1.36612. more sell can be taken
USDCAD SHORT TRADE IDEAUSDCAD is making lower highs and lower lows It is a bearish trend, and the bear trend is continuing so we can trade the short side. details mention in the chart.
