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USD/CAD

USDCAD price action on the daily time frame is in a rising channel (purple). It made a bullish retest of the upper part of the significant 1.28870/1.30280 horizontal resistance zone (purple) and rejected it with a relatively big bearish candlestick. Nevertheless, the fact that bulls are still influential in the market may hinder bearish directional drive for a while.

I may be wrong. Trade safe and prosper.
KP

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Do your homework, follow the footprints of smart money
Quoting ForexGoose
{quote} 1.282 would be an ideal level to buy from I think {image}
bought
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don't believe in mumbo jumbo from gurus & charlatans
Quoting ForexGoose
{quote} bought {image}
going up again i guess
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don't believe in mumbo jumbo from gurus & charlatans
Quoting intensedrive
I'm looking at my USD/CAD Chart and it looks like we touched a low that we have no seen since july 08. Does anyone have any ideas on how to trade this setup or is just to risky? Looks like strong support at the 1.0062 level. Would it be unwise to short this if it breaks this key level? Any ideas? Thanks
I would pay close attention to all red news releases before shorting.
CPI news after 40 minutes, be careful and good luck everyone!
Quoting ForexGoose
{quote} bought {image}
closed position before the CPI news, will buy dip later from a lower level, maybe 1.27x
don't believe in mumbo jumbo from gurus & charlatans
Quoting ForexGoose
{quote} closed position before the CPI news, will buy dip later from a lower level, maybe 1.27x
bought again, this time, I will hold for a bigger rally
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don't believe in mumbo jumbo from gurus & charlatans
bulls are back fighting around 1.282, I would expect another push up
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don't believe in mumbo jumbo from gurus & charlatans
Quoting ForexGoose
bulls are back fighting around 1.282, I would expect another push up {image}
i was holding a view
like yours, right now 1.26 is seems better, but im looking for setup.
maybe close to 1.29
USDCAD price action on the daily time frame is presently sideways after a bearish swing from the significant, long-term 1.29472/1.30451 horizontal resistance zone (purple) seen on the weekly time frame. We may see some bullish corrective move to a value area before further southward drive.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
1.286 and then 1.295 maybe today?
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don't believe in mumbo jumbo from gurus & charlatans
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don't believe in mumbo jumbo from gurus & charlatans
It is possible for USD/CAD to dip into the BOC decision next week.

1.27 could be a bottom and I am interested in buying dips.
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don't believe in mumbo jumbo from gurus & charlatans
going to 1.27
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don't believe in mumbo jumbo from gurus & charlatans
USDCAD price action on the daily time frame is consolidating in a rising wedge (blue) within a bearish technical structure. Price action had tackled the 1.27470/1.29760 horizontal resistance zone (purple), seen on the weekly time frame, tested the wedge resistance trendline, and turned bearish within the wedge.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
the 1.26 level should hold this week
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don't believe in mumbo jumbo from gurus & charlatans
BOC day today. I predict a dip and then a bull run, mainly because the USD is still strong and Biden said that inflation is a big problem. The FED admitted that they screwed up and FOMC voting members are turning more hawkish. This should support the USD and make USD/CAD go higher.

https://www.cnbc.com/2022/06/01/yell...ransitory.html
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don't believe in mumbo jumbo from gurus & charlatans
Quoting ForexGoose
BOC day today. I predict a dip and then a bull run, mainly because the USD is still strong and Biden said that inflation is a big problem. The FED admitted that they screwed up and FOMC voting members are turning more hawkish. This should support the USD and make USD/CAD go higher. https://www.cnbc.com/2022/06/01/yell...ransitory.html {image} {image}
Monthly chart looks bearish, but daily looks bullish. I agree with you but maybe fly to 1.27 then drop again.
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don't believe in mumbo jumbo from gurus & charlatans
The pair seems to be bouncing off key support at 1.2650 as the BOC's rate hike came in line with expectations, as well as data indicating the US economy was still going strong, and the Fed will need to continue raising interest rates aggressively.

However, USD/CAD did pare gains to close below its 200-day MA yesterday and has currently pulled back from today's highs, likely due to the weakness being seen in the oil market.

All trading carries risk, but it will be interesting to see if the pair can rebound strongly from support or if it will face rejection at the 200-day line and continue moving lower.
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