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U.S. Dollar / Canadian Dollar

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USDCAD trade ideas

USDCAD → Short squeeze for further declineFX:USDCAD is forming another short squeeze relative to the global price range ahead of a possible decline within the global downtrend. After breaking through the resistance of the global trading range, USDCAD was unable to continue its upward momentum. The price returned to the range, under strong resistance, and is forming a pre-breakdown base for a possible decline. The trigger in our case is support at 1.3762. The dollar is stagnating, trading below strong resistance. A decline in the dollar could trigger a fall in USDCAD Support levels: 1.376, 1.3695, 1.3629 Resistance levels: 1.3774, 1.3809 The market structure is quite weak, both globally and locally. In addition, against the backdrop of an expected rate cut, the dollar may continue its downward global trend, which may also affect the price of the currency pair, which has formed a false breakout of resistance... Best regards, R. Linda!
Short
by RLinda
9
USD/CAD Breaks Triangle: Bullish Target in SightHello guys! USD/CAD has broken out of a clear triangle formation, signaling strong bullish momentum. The breakout above the top line of the triangle, supported by earlier bullish divergence, confirms that buyers are now in control. Triangle breakout confirmed Strong bullish impulse post-breakout Retest of the broken trendline expected Target: 1.38791 A clean retest of the breakout level could provide another entry opportunity before price reaches the target zone highlighted in blue.
Long
by melikatrader94
8
USD/CAD Rises to 2-Month HighUSD/CAD Rises to 2-Month High Today, the USD/CAD exchange rate briefly exceeded the 1.3870 mark – the highest level seen this summer. In less than ten days, the US dollar has strengthened by over 2% against the Canadian dollar. Why Is USD/CAD Rising? Given that both the Federal Reserve and the Bank of Canada left interest rates unchanged on Wednesday (as expected), the primary driver behind the pair’s recent rally appears to be US President Donald Trump's decision to impose tariffs on several countries – including Canada: → Despite efforts by Prime Minister of Canada Mark Carney to reach an agreement with Trump, no deal was achieved; → Canadian goods exported to the US will now be subject to a 35% tariff; → The tariffs take effect from 1 August; → Goods compliant with the United States-Mexico-Canada Agreement (USMCA) are exempt. Media analysts note that the tariffs are likely to increase pressure on the Canadian economy, as approximately 75% of the country's exports are destined for the United States. USD/CAD Technical Analysis At the end of July, the price formed a steep ascending channel (A-B), with bullish momentum confirmed by a decisive breakout above the 1.3790 resistance level, as illustrated by the arrow: → the pullback before the breakout was relatively shallow; → the bullish breakout was marked by a long bullish candlestick with a close near the session high; → following the breakout, the price confidently consolidated above 1.3790. Provided that the fundamental backdrop does not undergo a major shift, bulls might attempt to maintain control in the market. However, the likelihood of a correction is also increasing, as the RSI indicator has entered extreme overbought territory. Should USD/CAD show signs of a correction after its steep ascent, support might be found at: → line C, drawn parallel to the A-B channel at a distance of its width; → the previously mentioned 1.3790 level, which now acts as a support following the breakout. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
2
USDCAD bounced from Support and can continue higherLooking at the chart and the overall structure, I think we can favor the continuation setup with a emphasis on price action at key zones, particularly when price breaks out then can revisit this structure for a retest. This bounce off support has been accomplished in my previous analysis: Here, if price breaks with strength and dips back into the area and holds with bullish confirmation (likely a wick rejection or bullish engulfing on lower timeframes), that would be the cue to get in. I am projecting the next target to 1.38600 that makes sense as a logical level for trend continuation and that I find achievable.
Long
by TrendDiva
38
Will the Canada-US Trade Tension Continue to Impair CAD?Fundamental approach: - USDCAD advanced this week, supported by broad US dollar strength and renewed trade tensions as the US announced higher tariffs on Canadian imports. - The pair was further buoyed after the BoC left rates unchanged and signaled caution amid persistent core inflation and ongoing trade negotiations. - Meanwhile, US labor data indicated that job openings were moderating growth while tariff-related uncertainty weighed on risk sentiment. - The BoC’s decision to keep its policy rate at 2.75% cited domestic economic resilience and the unpredictable US trade policy outlook. - At the same time, negotiations between Canada and the US over trade terms remained in an “intense” phase, with additional tariffs entering effect 1 Aug, adding to downside risks for the Canadian economy. - USDCAD may remain elevated next week as markets monitor follow-through from new tariffs and assess further data on US jobs and Canadian trade. Potential progress or setbacks in Canada-US trade talks and upcoming economic releases could influence direction, while central bank policy signals and risk appetite will remain key catalysts. Technical approach: - USDCAD formed a Triple-bottom pattern at around 1.3567 and bounced up to break the neckline at 1.3755. The price also broke the descending trendline and closed higher than both EMAs, indicating a potential trend reversal. - If USDCAD remains above the support at 1.3755 and both EMAs, the price may retest the resistance at 1.3980. - On the contrary, closing below the support at 1.3755 and both EMAs may lead USDCAD to retest the key support at 1.3567. Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
Long
by DatTong
2
USDCAD Will Go Down! Short! Take a look at our analysis for USDCAD. Time Frame: 1D Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The price is testing a key resistance 1.378. Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 1.362 level. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis. Like and subscribe and comment my ideas if you enjoy them!
Short
by SignalProvider
2
Market Insights with Gary Thomson: 4 - 8 AugustMarket Insights with Gary Thomson: BoE Interest Rate, Canada Jobs Data & Earnings Reports In this video, we’ll explore the key economic events, market trends, and corporate news shaping the financial landscape. Get ready for expert insights into forex, commodities, and stocks to help you navigate the week ahead. Let’s dive in! In this episode of Market Insights, Gary Thomson unpacks the strategic implications of the week’s most critical events driving global markets. 👉 Key topics covered in this episode: — BoE Interest Rate Decision — Unemployment Rate in Canada — Corporate Earnings Statements — Trade Tensions Gain insights to strengthen your trading knowledge. This video represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
USD/CAD Daily - Triple Bottom Breakout PatternUSD/CAD Daily – Triple Bottom Breakout The USD/CAD pair on the 1D chart has formed a Triple Bottom pattern, a classic bullish reversal setup after a downtrend. This pattern suggests that sellers were unable to push the price below the established support zone on three separate occasions, signaling strong buying interest. 🔍 Chart Highlights: Three distinct lows at a consistent support level Strong bounce after each test of support, confirming bullish defense Neckline (resistance line) successfully broken, indicating a breakout Price target projected from the height of the pattern added to the breakout level 📈 Pattern: Triple Bottom 📍 Breakout Level (Neckline): Around 1.37800 🎯 Target: Approx. 1.42000 🛑 Invalidation: A daily close back below the neckline This breakout may indicate the beginning of a bullish trend continuation, with momentum favoring the bulls as long as price holds above the neckline.
Long
by Pips_Hunter_Forex
USD/CAD Poised for a Bullish Breakout: All Eyes on 1.41 ه --- 🚀 ** The BAT formation is checking every box—whether you’re analyzing the correction of point **C from AB** or a deeper retracement of **B from XA**, the technical structure is screaming potential. 📊 **Fibonacci Magic** We’ve got confluence across key Fib levels, with the final projection targeting **1.41**, a crucial resistance that aligns with multiple technical cues. 📉 **Bearish Trendline AC? Consider It Challenged.** A decisive breach above the descending **AC trendline** would be a powerful confirmation of bullish momentum—and the market’s intent to rally. ⚠️ **Risk Strategy** The setup remains valid as long as price holds **above point X**. A protective stop-loss below X keeps the trade clean and controlled. 🎯 **Trade Outlook** With a solid harmonic base, technical alignment across retracement zones, and trendline pressure building, USD/CAD could be gearing up for an aggressive move north. It’s not just a chart—it’s a story, and right now, the plot points to 1.41. ---
Long
by Elrouby
USDCAD MM triggered a false breakout to fallMM provoked a false breakout of the resistance range; there is no continuation of the upward momentum. The price has returned to the range and is forming a consolidation, the goal of which may be to accumulate potential for the continuation of the downward movement. The market has a strong downward trend structure. After a false breakout of resistance, MM has the potential to move the price down. The target is the liquidity area consisting of a cascade bottom: 1.357, 1.355, 1.354.
Short
by AndeWave
1
Potential bearish drop?The Loonie (USD/CAD) is reacting off the resistance levl which is an overlap resistance that lines up with the 23.6% Fibonacci retracement and could drop from this level to our take profit. Entry: 1.3758 Why we like it: There is an overlap resistance level that lines up with the 23.6% Fibonacci retracement. Stop loss: 1.3816 Why we like it: There is a pullback resistance level that aligns with the 61.8% Fibonacci retracement. Take profit: 1.3691 Why we like it: There is a pullback support level that aligns with the 61.8% Fibonacci retracement. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Short
by VantageMarkets
Bullish bounce off for the Loonie?The price is falling towards the support which is a pullback support that aligns with the 38.2% Fibonacci retracement and could bounce from this level to our take profit. Entry: 1.3758 Why we like it: There is a pullback support that lines up with the 38.2% Fibonacci retracement. Stop loss: 1.3702 Why we like it: There is a pullback support that is slightly above the 61.8% Fibonacci retracement. Take profit: 1.3854 Why we like it: There is a pullback resistance. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Long
by VantageMarkets