USD/CAD (part 30)

[Bree09]

A pleasant day to all the traders and speculators who are here in the forum!

Analysis for the US dollar/Canadian dollar currency pair:

As we analyze the chart during the day, it can be concluded that the upward movement of the indicated pair will continue, although temporarily. Here are our thoughts:

Yesterday, on the daily chart, the price made a reversal and ascended after testing the local support level located at 1.31319. As a result, a full bullish candlestick emerged which successfully broke through and gained a foothold above the dynamic resistance level in the form of 21 EMAs. In view of this, the generated signals are indicative of the fact that the further increase the price movement may continue. However, there are many obstacles in the way of the upward movement, but we will start with the key level of resistance, which is located at 1.32380. Near the indicated resistance level, the formation of a reversal pattern or a reversal candle combination and the resumption of the downward price movement can be expected. The reference point for a downward movement will be the designated support level, which is located at 1.31319, or the local support level, which is located at 1.29928. In case that the price breaks through and consolidates above the indicated resistance level of 1.32380, then the local prerequisites for a new bullish trend will be formed. In this case, there is a possibility of moving further upwards. Here, the nearest reference point for the rising movement will be the resistance level located at 1.33298.

Have a profitable day to everybody

[LincolnFxinvestor]

On Friday morning, the USD/CAD pair is trading moderately lower. The price has bounced back from yesterday’s high. The Canadian dollar gains support from a weakening greenback and stable situation in the energy market. In the day, the pair is likely to continue its downtrend. Yet, I expect the upward movement to resume.

At the moment, the pair is trading in the bull market. A possible pivot point is seen at 1.3115, and I'm planning to buy above this mark with the targets at 1.3205 and 1.3245.

On the other hand, USD/CAD may start to fall and will break below the mark of 1.3115. After settling there, it may then test the levels of 1.3095 and 1.3075.

[Macliodor]

The USDCAD currency pair is showing mixed dynamics and is trading at 1.3174. Technical indicators on the hourly chart indicate a probable decline: the SlopeDirectionLine indicator line with parameters (10.3) is colored red and with parameters (20.1) - similarly colored red, GannsSignalStopLoss_V4 is colored green, laguerre line (gamma 0.66 , CountBars 950) falls below the 0.85 level, the stoneaxe (8, 24, 89) indicator lines are declining, including the black line (24) crossed the 0.00 level from top to bottom, and the WaddahAttarExplosion indicator bars are colored red and are above the orange line indicating on the strength of the sellers. I would also like to note that the quotes are above the monthly opening price, above the weekly, and the opening price of the daily candle is 1.3190. Resistance levels: 1.3200, 1.3230. Support levels: 1.3170, 1.3140. I am considering short positions below 1.3170 with a target of 1.3140. An alternative scenario is relevant above the resistance level 1.3200.

[thelaw1]

The USD rose against CAD from the market close of last week price of 1.3044 and recorded 1.3259 on Wednesday before it withdrew from there and settled at 1.3174 on market close. Canadian Dollar is of the oil-trading currencies and the weakness can be traced to the fall of the Brent Crude against the stronger USD. Should the CL fall further, it is expected the CAD to extend the fall against the Greenback next week and the resistance of this week can be retouched, broke upwards and then move to the prices of 1.3398 which is the highest of August when analysed on D1 Timeframe. However, the CAD might extend the Bull against the USD if the CL rises against the greenback next week and it can fall to the lowest of September which is 1.2993, the price that I am in support of especially ahead of the FOMC meetings on Wednesday.

[Caila]

The upward trend continues on the USD/CAD pair. It is graphically similar to the Euro dollar, except that the Euro does not last very long. However, this is a purely random event, and it is clearly not worth it to look for traces of correlation here. At the same time, the price being very close to the trend line may push the bulls in trying to break below 1.3150, and it is possible that 1.3100 will be hooked.

[suchbeauty]

The USD/CAD currency pair analysis based on the hourly chart. The price for this pair went in a downward movement trend from the resistance level of 1.3256. The moving average on the chart is in the overbought zone of the pair. The arrow indicator and bill Williams indicators gave a signal to sell the pair. There’s a probability that the price will go down to the resistance level up to the level of 1.3178.

[Oliver1983]

The pair is currently trading below the opening of the day which is at 1.3180. My analysis for today is that, if the price manages to reach above the level of 1.3200, then the pair will most likely move upward with the target at the level of 1.3210. If this level is broken, the upward trend may continue with the next target of 1.3255. On the other hand, if the price trades below the level of 1.3150, then a downward trend is possible with the target at the level of 1.3130. A breakdown of this level may force further decline to the level of 1.3120.

At the moment, the pair is trading near the daily pivot level and the trend line. So far the indicators on the H1 chart suggest a possible decline. This, I will only look forward to if the price manages to trade below the level of 1.3150. If not, then I expect an upward pullback.

[SweetprofitEER]

In the morning session, USD/CAD is trading moderately lower and staying near to the levels from previous close.

In the morning in Asia, the Canadian dollar has slightly advanced thanks to the US dollar’s downward trajectory. The American currency opened this week with a decline against all other majors. However, I don’t think that this trend will persist. CAD is still under pressure due to the negative sentiment in the oil market and mixed economic data from Canada.

In the first half of the day, the pair is likely to continue its downward correction. But as I see it, the uptrend will resume soon.

A possible pivot point is seen at the level of 1.3115, and I’m going to place long positions above this mark with the targets at 1.3205 and 1.3255. Under a different scenario, the pair may keep falling until it breaks below the level of 1.3115. After settling there, it may then test the 1.3090 and 1.3065 levels.

[evanshad]

usdcad 1h chart

Today, the pair is trading in the sideways region between the resistance level 1.3203 and the support level 1.3146. They are the highest and lowest price for trading on the previous Friday as well.
Now the price is heading to the lower bound of that prone area, and therefore, with the price reaching the support level of 1.3146, once again you can buy if the price rebounds to form a bullish candle above the support.
It is also possible to sell if the price succeeds in breaking the support and thus breaking the cross area down.