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Next Move On USDCAD?Hello traders! Lets talk about USDCAD . Since August 2021 we can clearly see that we have an ascending channel followed by a repetitive behavior till present. Currently the price touched a rejection point at 1.30759 and broke an ascending channel on the 1H chart signaling a reversal of the price. When the price moved lower, it formed a bearish flag and I executed the trade. Currently the price might be forming a bearish flag for more downside continuation. #THEPRIMES
Short
by alex_k_95
USDCAD - FUNDAMENTAS WITH TECHNICAL LEVELSToday there is a FOMC MEMBER SPEAK. It will look at the USD SENTIMENT somewhat. Stay tuned for that. - DXY is currently at 101.482 LEVEL. USD has become STRONG with RATE HIKE SENTIMENT in the last few weeks. Also, at present the CAD FEATURE is at 0.7873 LEVEL. However, CAD is getting a bit STRONG compared to DXY. Due to this USDCAD is selling. This is because USD receives a NEGATIVE SENTIMENT. - Currently the OVERALL MARKET is showing RISK ON. STOCKS is currently GREEN showing a RISK ON SENTIMENT. Also the VOLATILITY is getting a bit DOWN. Also COMMODITIES show a UP SIDE BIAS today. Currently the market has a RISK ON SENTIMENT. Therefore, in the future, all NZD CAD AUD currencies may be UP compared to JPY CHF currencies. - USDCAD PRICE can be DOWN to 1.2570 LEVEL before re-UP. After that the USDCAD PRICE can be UP again to 1.2979 LEVEL. The USD is slightly WEAK at this time due to the MARKET SENTIMENT. But over time, that is likely to change. The OIL PRICE applies to USDCAD, and the decisions made at OPEC MEETING will have the greatest impact on USDCAD. It could be DXY UP in the future. So stay tuned for that.
by benny_marshall
USDCADThe US dollar has pulled back a bit during the trading session on Wednesday after the Federal Reserve raised interest rates by 50 basis points. This was widely expected, so that was knocking to move the needle much. That being said, the market is likely to continue to see a lot of questions asked as to where we are going to go in the future, but I think at this point we are more likely than not going to continue to see more of the same back-and-forth that we have over the last several months. Quite frankly, not much has changed as the 1.29 level has held quite significantly. Underneath, the 1.25 level is massive support, so the fact that we are at the top of the range should not surprise people in the sense that it has turned things around. If we were to break above the 1.29 level, then it would be very bullish for the US dollar, but it should be noted that the crude oil market was very strong during the day, and therefore I think it is very likely that we drift lower from here. I would not necessarily suggest some type of meltdown, just a continuation of the overall range-bound trading that we had seen. In other words, I think is going to be more of the same. Keep in mind that this pair does tend to be very choppy as the two countries do so many cross-border transactions, but if you are a range-bound trader this might be the best place to be right now. We have clearly defined levels that we can pay close attention to, and as long as that is going to be the case I see no reason to fight what could be a very lucrative market. You need to be a bit cautious about overextending yourself because we do get the occasional violent move, but at this point, it is obvious that there are buyers and sellers at very distinct points on this chart, which is part of what makes it so interesting. I do not see this market breaking out, but if we were to clear the 1.30 handle, then we could start moving to the upside, in a very dangerous “risk-off” type of situation. You would probably see the oil markets under serious pressure at the same time.
by SmoothJB
Trading Idea Regarding USDCADThis pair is going bullish for now Technical Analysis 1-Break out price structure and retesting it before continuation to the upside 2-Ascending Triangle Chart Pattern on weekly Time Frame Sentimental Analysis: 1-CADJPY Reached falling resistance level indicating bearish move for the pair (Indicating possible weakness for the CAD) 2-AUDCAD is making Q&M chart Pattern which is indication of bullish move for the pair(Indicating possible weakness for the CAD)
Long
by Inzamam9012