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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USDCAD BULLISH MOMENTOMOverview Currency Pair: USD/CAD Timeframe: 4-hour chart Current Price: 1.38372 USD/CAD (with a slight decrease of 0.00038 or -0.03%) Key Levels Buy Stop: 1.40400 Stop Loss (SL): 1.38874 Take Profit (TP): 1.41532 The chart shows a recent downward movement, indicating a bearish trend. This decline is evident from the current price of 1.38372. Stop Loss (SL) at 1.38874 acts as a critical support level. If the price drops below this, it could indicate further downside movement. Low Price: 1.35686 provides a historical support level. Take Profit (TP) at 1.41532 is the immediate resistance level. If the price reaches this level, it indicates potential selling pressure. High Price: 1.41058 is another significant resistance level. Consider entering a buy position near the Buy Stop level of 1.40400. This level is strategically placed above the current price, indicating a potential upward breakout. Monitor for bullish candlestick patterns (e.g., hammer, bullish engulfing) near this level to confirm the buy entry. increased trading volume near the buy stop and take profit levels can confirm strong buying or selling interest.
Long
by sicmine
idea on for next week.USD/CAD ticks down after the Canadian Retail Sales data came in line with expectations and the prior release. Steady Canadian Retail Sales growth would weigh on BoC's large rate-cut bets. Investors await the flash US S&P Global PMI data for November. The USD/CAD pair surrenders its entire intraday gains and ticks down as the Canadian Retail Sales data grew steadily in September and the US Dollar (USD) gives up a majority of its intraday gains after refreshing a two-year high. Statistics Canada showed that Retail Sales, a key measure of consumer spending that drives inflation, rose by 0.4%, in line with estimates for the month. Steady sales were driven by higher spending on food and beverages, while sales receipts at gasoline stations were lower. Steady growth in the consumer spending measure is expected to weigh on market expectations that the Bank of Canada (BoC) will cut interest rates consecutively for the second time by 50 basis points (bps).
by EZIO-FX
USDCAD I In correction and more growth to comeWelcome back! Let me know your thoughts in the comments! ** USDCAD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!Welcome back! Let me know your thoughts in the comments!
Long
by BKTradingAcademy
USDCAD Under Pressure! SELL! My dear subscribers, This is my opinion on the USDCAD next move: The instrument tests an important psychological level 1.3989 Bias - Bearish Technical Indicators: Supper Trend gives a precise Bearish signal, while Pivot Point HL predicts price changes and potential reversals in the market. Target - 1.3975 About Used Indicators: On the subsequent day, trading above the pivot point is thought to indicate ongoing bullish sentiment, while trading below the pivot point indicates bearish sentiment. ——————————— WISH YOU ALL LUCK
Short
by AnabelSignals
1
USD/CAD poised to resume higher after bouncing off trend supportFollowing today's stronger Canadian retail sales report, with headline sales coming in at +0.9% m/m vs. +0.3% expected, the Canadian dollar initially strengthened slightly. But later on we saw the US flash Services PMI come in well ahead of expectations at 57.0 vs. 55.2 eyed and 55.0 last. Though UoM Consumer Sentiment got revised lower unexpectedly to 71.8 from 73.0, this failed to weigh much on the dollar. The result? The USD/CAD managed to hold the support trend line and key support in the 1.3950-1.3970 zone. As a result, we could see the USD/CAD drift higher, aligning itself with other dollar pairs (e.g., EURUSD which has broken down sharply today). By Fawad Razaqzada, market analyst with FOREX.com
Long
by FOREXcom
Shorting USDCAD following Canadian CPI dataThe Canadian CPI data came in higher than expected that dashing hopes of another large rate cut at the next meeting of the BoC. Coupling this with rising geopolitical tensions that have lead to weakness in the USD saw a fall of 0.4% in the USDCAD in yesterday's trading session. Overnight Canadian yields have increased while US yields fell. The currency pair closed yesterday below 50% fib retracement and the rising trend established from September. The conditions appear to support a continued fall in the USDCAD. I've put a sell on USDCAD with the following TPs Entry 1.3952 TP1 - 1.3927 TP2 - 1.3882 TP3 - 1.3842 TP4 - 1.3822 SL - 1.4034 TP1 is set at the 62% FIB retracement level, the plan is to move SL to entry once this TP is hit.
Short
by dgowty
Sell from the 1.41 bank level in the multiyear highThis was a high-risk sell from the 1.41 and multi-year high. Confirmed by the DXY which was at 106.9. I think the price will reach the first liquidity level in the discount which is my target. Then we can get pullback an more sell-off. Accumulation / Manipulation / Distribution - No liquidity raid = No trade - Never buy high and never sell low “Adapt what is useful, reject what is useless, and add what is specifically your own.” Dave FX Hunter ⚔
Short
by Dave-Hunter
11