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USD/CAD 1HR Analysis - Remain Long With The New Weekly Support!USC/CAD may have established a new support with the Weekly resistance as shown in in my USD/CAD Weekly Analysis Idea from October 9th. We have several factors pointing to remaining long at this stage: 1. Currently in a Bull Channel 2. Weekly Resistance is starting to act like Support 3. We have a minor Bear Channel/Bull Flag on the hourly 4. Last weeks Weekly candle closed above the Weekly Resistance in a second attempt to break it 5. DXY is still above the 30EMA on the Daily Chart/9EMA on the Weekly We should remain long in the short-term (Hourly Chart) and probably on the Daily/Weekly chart as well per my Weekly analysis. Long targets should be the previous Weekly Bear Channel Highs of 1.38600 and 1.39800 respectively. A long at this stage should have a protective Stop on the 1HR 200EMA with a first Take Profit at the top of the Hourly Bull Channel at 1.37500. From there, it's reasonable to hold some of your long position and add to it if we confirm a break above the channel to the next levels. As always, trade at your own risk, you are responsible for your trades, and I hope this information was helpful. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USD/CAD Hovers Around 1.3600 Psychological Level Ahead of US CPIUSD/CAD Hovers Around 1.3600 Psychological Level Ahead of US CPI Release The USD/CAD pair remains in a tight struggle to surpass the key psychological level of 1.3600 as traders await the release of the US Consumer Price Index (CPI). The pair has seen two consecutive days of gains, trading in a positive territory around the 1.3600 level during the Asian session on Thursday. These moves come on the back of strong economic data from the United States and the release of the Federal Open Market Committee (FOMC) meeting minutes. One of the significant factors bolstering the USD/CAD pair is the robust performance of the US Producer Price Index (PPI), which revealed an increase in September. The PPI rose from 2.0% to 2.2%, exceeding the expected 1.6% rise. This development has shifted market attention to Thursday's Consumer Price Index (CPI) release. Forecasts indicate a drop in the annual rate for September, slipping from 3.7% to 3.6%. Additionally, traders are keeping an eye on the weekly Jobless Claims report. The FOMC meeting minutes presented a divergence in perspectives among committee members, emphasizing the significance of data-driven decisions. Some participants highlighted that a substantial rise in inflation would be a crucial factor in gaining consensus for further interest rate hikes. There was also discussion among some members about the shift in monetary policy focus as the policy rate nears or reaches its peak. The focus would transition from determining the magnitude of rate increases to evaluating the duration of maintaining the policy rate at restrictive levels. Amidst dovish comments and neutral stances from various Fed officials, speculations are circulating that the US Federal Reserve (Fed) might reconsider the idea of a rate hike. This speculation contributes to the evolving landscape of monetary policy expectations, creating a more nuanced economic environment. Fed Governor Christopher Waller advocated a cautious approach to rate changes, suggesting that financial market tightening "would do some of the work for us." In contrast, Fed Governor Michelle Bowman expressed a preference for another rate hike, citing persistent inflation levels above the Fed's 2% target. These contrasting views within the Fed add complexity to the current economic landscape. The US Dollar Index (DXY) is currently facing resistance around the 105.70 level, partially due to the decline in US Treasury yields. The 10-year US Treasury bond yield stands at 4.57% as of the latest data. The Canadian Dollar (CAD) has faced its own set of challenges as oil prices retraced from weekly highs. Despite this, the Loonie experienced gains, primarily driven by Middle-East tensions. Canada is the largest oil exporter to the United States, and geopolitical factors have influenced CAD's performance. From a technical perspective, the USD/CAD pair is trading within the 50% and 61.8% Fibonacci area. This range has the potential to trigger a pullback in the direction of the prevailing trend, with the possibility of a bullish impulse on the horizon. The interplay between economic data, central bank policy, and technical levels makes USD/CAD an interesting pair to watch in the coming sessions. Our preference Long positions above 1.3387 with targets at 1.3800 & 1.3980 in extension.
Long
by FOREXN1
7
USD/CAD Daily Chart Analysis - The Bulls Push for a Breakout!USD/CAD broke out of weekly resistance last Thursday with some solid strength, touching 1.37850. The price action fell back down to the Daily 30EMA at 1.35700 and bounced back to the resistance line at 1.37000, but failed to break out this time. USD/CAD fell back down to the Daily 9EMA and gave a slight bounce to the upside before the week closed. The buy pressure is there, but are we going to break out? What we need: -We need a higher high on the Daily chart that closes above the Weekly Resistance at 1.37000 -Follow that breakout with a test of 1.37000 Support. A Daily close again, above 1.37000, will confirm the breakout. What we have: -A Bull Channel without a sign of a reversal. -Strong Bull bar and bull run from September 29th. -Weak reaction to the Weekly resistance. -We are currently sitting on a minor support line. Look to the left on this chart and see the price action sitting on it. -A third attempt to break out of this Weekly bear channel, which is now a bull flag. -DXY is strong and just closed Weekly bull candle. More upside looks promising. All that being said, a long at this very moment would be risky. We *need* confirmation of the breakout as described above before entering a long. Once we get that confirmation above 1.37000, a long to the upper side of the bull channel around 1.40000 is reasonable, taking profits along the way. Trade wisely and let us know what you think in the comment section below!
by TraderEngineering
USD/CAD 1HR Chart Analysis - A Long Opportunity May Be CloseUSD/CAD had a fantastic move to the upside the first week of October which came to an end with a nice double-top reversal pattern last Thursday at 1.37850. Since then, we have had 2 pushes down and landed in a high-volume zone around 1.35800. At this moment, we have a two-leg pull back and about 24 hours of sideways price action on USD/CAD. The longer the price action goes sideways, statistically, the more likely a reversal will occur. DXY is also nearing the 30EMA on the Daily chart, but with some room to fall. These data points lead me to believe we may have to fall a bit more to find some bulls and get a "hot stove" response (a bull signal bar). If this occurs, I will be looking for confirmation around the top of the bear channel to make a long entry (around 1.35600) and take profits up to the previous high of around 1.37850. It all comes down to whether or not that bull reaction happens somewhere between here at 1.35800 and 1.35200. Trade wisely and let us know what you think in the comment section below!
Long
by TraderEngineering
USDCAD Detailed Analysis I 100 + Pip Move! Welcome 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!
Long
by BKTradingAcademy
14
USDCAD Long Term selling Trading IdeaHello Traders In This Chart USDCAD HOURLY Forex Forecast By FOREX PLANET today USDCAD analysis 👆 🟢This Chart includes_ (USDCAD market update) 🟢What is The Next Opportunity on USDCAD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexPlanet20
2
USDCAD - Long from bullish order block ✅Hello traders! ‼️ This is my perspective on USDCAD. Technical analysis: Here we are in a bullish market structure from daily perspective, so I am looking for long. I want price to make a retracement to fill the imbalances lower and then to reject from bullish order block + institutional big figure 1.35000. Fundamental analysis: Tomorrow we have important news on USD and CAD, will be released NFP in USA and Unemployment Rate in USA and Canada. Pay attention to the results in order to see the direction for short and medium term. Like, comment and subscribe to be in touch with my content
Long
by Snick3rSD
6
USDCAD Long Term selling Trading IdeaSep 25 Hello Traders In This Chart USDCAD HOURLY Forex Forecast By FOREX PLANET today USDCAD analysis 👆 🟢This Chart includes_ (USDCAD market update) 🟢What is The Next Opportunity on USDCAD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Short
by ForexPlanet20