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Thread: USD/CAD

     
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    2021-04-11   07:43
    Best post today #1

    USDCAD Fundamentally Outlook
    The change in employment in Canada for March was +301,100 compared to expectations of +100,000 and +259,200 in February. The number was high in all areas, with the breakdown between 175,000 full-time and 128,000 part-time jobs. The employment level is less than 1.5% of February 2020 levels (pre-covalent)! In addition, the unemployment rate fell from 8% to 7.5%, against an expected 8%. Canada has indicated that it may be one of the first to phase out its stimulus package, and that figure will make the BOC 's decision a little easier. However, Ontario has just gone locked in and coronavirus cases are on the rise nationwide. The BOC will meet on 21 April. They may be more interested in April employment data than March data. (data sources USA NEWS)
    USDCAD Technically Outlook
    D1 Timeframe Chart
    Attachment 360879
    On a daily basis, the USDCAD short-term decline in data release (around 30 pips) did not exceed significant levels. The pair has been in a downward corner since the pandemic began in March 2020. The RSI has surpassed and fluctuated in price during the first quarter of this year, but is reversing again and the price is still in the corner. A falling wedge is expected to break the price upside down. With the RSI returning to neutral territory and the USDCAD mid-range with the coin approaching, we may have to wait until the BOC meeting to see significant movement. The upper corner trend line crosses close to 1.2675 and the lower trend trend crosses the low March 18 near 1.2400,
    If the price falls below, the next support is the April 5 low near 1.2500, ahead of the long - term downtrend line already mentioned in the daily corner close to 1.2400. The low and final support is 1.2365 on March 18 before the price can fall to 1.2060 (see daily). The initial resistance is at 1.2648 which is March 30 high.

    The attachment
    2021-04-17   20:21
    Best post today #2
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    The general trend is bearish on the daily chart, but although it's bearish, the high volume bars of the days 26/02/2021 and 04/03/2021 are bars of bullish candles. They are the highest volume bars on the chart, which the price has not responded to them, so after the price has retraced from the support level of 1.2364, there is a probability of the beginning of the bullish trend react to these bars with their bullish candles especially since there are no high volume bars for bearish candles.
    https://forum.mt5.com/customavatars/1677105759.png
    On the 4H chart, the highest volume bars of the chart are bars of bullish candles. The most significant are those formed on the days 25/02/2021 at 16:00 and 31/03/2021 at 16:00. Both of them are significant as they are the highest volume bars of the chart. There are no high-volume bars for bearish candles. this is considered as another confirmation from this time frame about the probable start of the bullish trend, especially if the price fails to break through the support level of 1.2743
    https://forum.mt5.com/customavatars/274099326.png
    According to the classical analysis, the price has a general bearish trend on the daily chart. It's ranging around the moving average too. I expect that the support level of 1.2473 is the level that will decide on the destination of the price shortly. Meaning that in case the price has broken through it, the bearish trend will continue, while if the price fails in breaking through this level, it will settle above the moving average level and finally breaks through the bearish trend line, which is the key to the bullish trend.
    https://forum.mt5.com/customavatars/1826998298.png
    On the 4H chart, the price runs between the resistance level of 1.2646 and the support level of 1.2473. It must break through one of these levels to confirm the direction, which I suppose it will be in the direction of the resistance level of 1.2646. Still, it must first go above the moving average level and settle above it for one or two days to confirm the direction of the bullish trend.
    https://forum.mt5.com/customavatars/729275343.png

    2021-04-12   20:20
    Best post today #3
    Accrued payments  925 USD

    USD/CAD Forecast
    Hello everyone, USD/CAD is currently trying to rise above the resistance level of 1.2550, while the US dollar is falling against a basket of currencies. The US dollar index successfully fell below the support level of 92.15 but failed to close below the support level of 92.15. If the US dollar index returns to above 92.15, it will move towards 92.30 of the 20 EMA, which will benefit USD/CAD. Although WTI oil caused power outages after it attacked Iranian nuclear power plants, it tried to stabilize its price above the psychologically important $60, but other commodities were also under pressure, which was not conducive to commodity-related currencies. At the same time, Indias coronavirus situation is deteriorating, which may become another bearish catalyst for commodity-related currencies such as the Canadian dollar.
    technical analysis
    The US dollar/Canadian dollar failed to close below the support level of 1.2525 and tried to close above the recent resistance level of 1.2550. If USD/CAD exceeds the 20 EMA resistance level, it will move towards the next resistance level of 1.2590. Successful testing of this resistance level will push the USD/Canadian dollar to the 50 EMA, located at 1.2600. At the support level, the latest support level for the US dollar against the Canadian dollar remains at 1.2525. If the US dollar/Canadian dollar falls below this level, it will rise to the next support level of 1.2500. A successful test of the 1.2500 support level will push the US dollar against the Canadian dollar to the 1.2470 support level.

    The attachment
    2021-04-17   15:29
    Best post today #4
    Accrued payments  925 USD

    USD/CAD forecast

    Hello everyone, I hope everyone is healthy. The US dollar/Canadian dollar tried to break the 1.2500 support level, while the US dollar fell against multiple currencies. The dollar index is currently testing support at 91.50. If the test is successful, the U.S. dollar index will move to the support level of 91.30, which is bearish against the U.S. Dollar/Canadian dollar. The drop in US Treasury yields yesterday continued to put pressure on the US dollar in the foreign exchange market. If U.S. Treasury yields continue to fall, the U.S. The dollar will face greater pressure.
    technical analysis
    The US dollar/Canadian dollar successfully broke through the 1.2525 support level and tried to close at the next support level of 1.2500. In the most recent trading session, this support level has been tested many times and its strength has been proven. If the US dollar/Canadian dollar breaks below the 1.2500 support level, it will move towards the next support level, which is located near the recent low of 1.2470. RSI is still in a moderate range. If there is a suitable catalyst, there is still enough room to go further down. If the USD/CAD settlement price falls below the 1.2470 support level, it will rise to the next support level at 1.2450. On the bright side, the previous support level of 1.2525 will become the first resistance level for the US dollar against the Canadian dollar. If the exchange rate of the US dollar against the Canadian dollar exceeds this level, it will move towards the next resistance at 1.2565.

    The attachment
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    The US dollar against the Canadian dollar

    I look at the weekly frame to see the direction of the trend in the distant days due to the many fluctuations and I see that the analysis on the large tires is good, especially in these unstable market conditions.

    I see that the pair is dropping to the end of the 1.2071 level since it has selling momentum, the general trend is bearish, and also 1.2071 is one of the strongest levels that solve the problem and separate the direction of this pair becto sell it is confirmed below 1.2071 by a weekly candlestick, the double top pattern will be activated on Weekly frame, and the pair is heading towards the target of 0.9405. I know it is a very small number, but by activating the pattern we see a strong pullback for the pair, but as long as it bounces 1.2071 it might rise to the target 1.4699.

    We cannot define the pair's scenario until after reaching the 1.2071 level, because it is a strong level, and I will provide you with the analysis of this pair in the coming days and follow it until the mentioned targets.



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