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Canadian Dollar / U.S. Dollar

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USD/CAD Riding the Ascending ChannelChart Analysis: The USD/CAD pair continues to trade within a well-defined ascending channel (blue-shaded area), reflecting sustained bullish momentum. 1️⃣ Ascending Channel: The pair is trading near the upper boundary of the channel, indicating strong upward momentum. Traders may watch for reactions at this level for potential continuation or minor pullbacks to the channel’s midline or lower boundary. 2️⃣ Key Resistance Level: The horizontal level at 1.3977 (pink line) represents a significant historical resistance area. A sustained breakout above this level has reinforced the bullish outlook. 3️⃣ Moving Averages: 50-day SMA (blue): Rising and acting as dynamic support near 1.3952. 200-day SMA (red): Sloping upward around 1.3723, confirming a longer-term bullish trend. 4️⃣ Momentum Indicators: RSI: Hovering near 71, reflecting strong momentum but also signaling overbought conditions. MACD: Bullish momentum remains intact as the MACD line stays above zero and trends upward. What to Watch: Price reaction at the upper channel boundary for signs of continuation or a corrective pullback. Any retracement towards the 50-day SMA or channel’s lower trendline could be closely monitored. RSI may warrant attention for any potential bearish divergence if momentum weakens. USD/CAD remains firmly within a bullish structure, supported by rising moving averages and strong momentum. The ascending channel provides a clear technical framework to follow. -MW
by FOREXcom
USD/CAD AnalysisThe USD/CAD pair has been trading within an ascending channel but recently broke out, reaching a significant resistance level from March 2020. This resistance appears to have halted the bullish momentum, suggesting the possibility of a correction in the coming sessions. 💡 Key Observations: 1️⃣ The price broke above the ascending channel but is struggling to maintain momentum at the resistance level. 2️⃣ Historical resistance from March 2020 is likely to act as a strong barrier for further upward movement. 3️⃣ Signs of weakness and loss of momentum indicate a potential downward correction. 🔻 Potential Target Zones for Correction: First Target: 1.429 Second Target: 1.421 Longer-term Target: 1.408
Short
by Charts_M7M
USDCAD (4D) HIGH-RISK OPPORTUNITY, DTA Cautious Downtrend Retracement in an Upward Trend The USDCAD pair is currently experiencing a short-term retracement within a longer-term uptrend. While the overall trend remains bullish, it's important to exercise caution as we approach key support and resistance levels. Key Levels to Watch: Pivot High @ 1.4238 Resistance, Major @ 1.4209 SLO2 @ 1.4188 📉 SLO1 @ 1.4087 ⏳ TP1 @ 1.3894 TP2 @ 1.3733 TP3 @ 1.3614 TP4 @ 1.3430 BLO1 @ 1.3386 ⏳, minor support BLO2 @ 1.3279 ⏳, above major support Support, Major @ 1.3252 Pivot Low @ 1.32286 Trading Strategy: Consider buying or taking long positions below 1.3386. Be aware of the potential for a sharp reversal. Maintain a bullish bias. Be prepared to adjust your position based on market developments. Risk Management: A tight stop-loss order is crucial to limit potential losses. Manage your risk by avoiding over-leveraging your positions. Remember, technical analysis is a valuable tool, but it's not foolproof.
Short
by ProfessorCEWard
Shorting USD/CAD: Because Even the Loonie Deserves to Fly High!Based on a comprehensive analysis of various factors, there are several reasons that could justify a short position on the USDCAD pair from 1.5x with a target of 1.365. 1. Interest Rate Differentials The US Federal Reserve and the Bank of Canada may have diverging stances on interest rates. If the Bank of Canada is projected to raise interest rates or the US Federal Reserve is anticipated to lower them, this could lead to a depreciation of the USDCAD pair. 2. Economic Indicators Economic indicators such as GDP growth, unemployment rate, inflation, and consumer sentiment can influence the exchange rate. If the Canadian economy is expected to outperform the US economy, this could lead to a depreciation of the USDCAD pair. 3. Commodity Prices Canada is a significant exporter of commodities, particularly oil. If oil prices are expected to rise, this could lead to an appreciation of the Canadian dollar and a depreciation of the USDCAD pair. 4. Political Risks Political events and policy changes can influence exchange rates. If there are political risks in the US that are expected to negatively impact the US economy or if there are positive political developments in Canada, this could lead to a depreciation of the USDCAD pair. 5. Market Sentiment Market sentiment can influence exchange rates. If traders are bearish on the US dollar or bullish on the Canadian dollar, this could lead to a depreciation of the USDCAD pair. 6. Technical Analysis The USDCAD pair may be at a key resistance level at 1.5x, and a reversal pattern may be forming. If the pair breaks below this level, it could signal a move towards 1.365. Please note that these are potential reasons and the actual movement of the USDCAD pair will depend on a variety of factors. It's important to conduct thorough research and consider the potential risks before making a trading decision.
Short
by FtradeFXArabic
USDCAD Is Still BullishAfter the USDCAD had recently risen significantly, the exchange rate is now correcting. This healthy movement offers us the opportunity to enter a new long position in the bullish order block. The momentum in USDCAD is clearly pointing upwards in the medium to long term and retailer sentiment is decidedly bearish, which suggests a further bullish impulse. A bearish order block just below the recent highs would be a good price target for a long trade.
Long
by Ochlokrat
USD/CAD -Volume Spread AnalysisHere is a perfect example of Pushing Up through Supply. As shown, when up-trending markets experience the phenomenon created by Market Makers in which supply us introduced to the market. (Notice the Pivot Highs at 1.41942 and 1.41968 which are 4 pips apart) These levels of supply are known by the market makers and are used to lock in bullish traders. As the market moves against the locked in traders we notice Ultra High Volume (UHV) shows up. As we analyze the volume it suggests professional supply has entered the market and is confirmed by the following Wide Spread and Excessively UHV. This confirms the intention of the professionals to lock in bullish traders and create an over head supply zone. The following price movement has UHV as well but less than the previous bar and it also closes bullish but inside the larger UHV bar. Peculiar for a market that is doomed to fall to the abyss don't you think? Looking back to the previous 40 price bars we notice price held support above the level of the previous pivot low at 1.40926. The supply diminishes from this point as price creates a Lower High (LH) then a Higher Low (HL). We also notice the spread bodies of the bars leading to the pivot low at 1.41304 are smaller than any other downward push since the consolidation period on the 10th of December. This implies supply has diminished until we come back in contact with the supply created by the Market Makers. The UHV suggests supply is present. However, the next bar shows demand is also present and supply has suddenly diminished at the resistance as well. Prices then proceed to "Push up Through Supply" volume diminishes and prices rise through the supply which is termed and "ease of movement". This is an aggressive BUY SIGNAL which implies prices will not come back to retest the previous area of resistance turned support known as the backup to the edge of the creek. You have to be aggressive at these moments because prices will not return to the retest the structure as the handling maneuver is completed a as it leaves the re-accumulation area.
Education
by JHair20
USD/CAD steady ahead of retail salesThe Canadian dollar is showing limited movement on Friday. In the European session, USD/CAD is trading at 1.4384, down 0.11% at the time of writing. On Thursday, the Canadian dollar fell to its lowest level since March, touching 1.4435. Canada retail sales have risen for four consecutive months and the trend is expected to continue today, with a market estimate of 0.7% m/m. The economy outlook remains gloomy and the Bank of Canada is expected to continue lowering rates in order to boost the weak economy. The BoC has been aggressive, cutting rates five times since June for a total of 175 basis points. The central bank slashed the benchmark rate by 50 basis points to 3.25% last week but signaled that it plans a "more gradual approach to monetary policy", which means we can expect 25-bp increments in rate cuts if there are no surprises in inflation or employment data. The "gradual approach" sounds a lot like what we're hearing from the Federal Reserve, which surprised the markets on Wednesday when it lowered its forecast to just two rate cuts in 2025, compared to four cuts in the September projection. The US dollar soared after the rate announcement and the Canadian dollar took it on the chin with losses of around 1% on Wednesday. The incoming Trump administration could be a major headache for Canada, as Trump has pledged to slap tariffs on Canadian products. The Canadian government  has announced enhanced security measures at its border with the US, hoping these moves will encourage Trump to suspend his tariff plans. Canada's Finance Minister Chrystia Freeland resigned earlier this month after a bitter row with Prime Minister Trudeau, which has added political uncertainty that could weigh on the wobbly Canadian dollar. USD/CAD tested resistance at 1.4404 earlier. Above, there is resistance at 1.4463 1.4341 and 1.4282 are the next support levels
by OANDA