USDCAD: Bullish Move from Support Confirmed📈USDCAD has approached a significant confluence cluster, which is defined by a rising trend line and horizontal support on a 4-hour timeframe
The formation of a double top suggests a high probability of a subsequent retracement.
The target objective is 1.3889.
About U.S. Dollar / Canadian Dollar
The US Dollar vs. the Canadian Dollar is a very popular currency pair due to the extremely large amount of cross border trading that occurs between the U.S. and Canada. The CAD is considered to be a commodity currency because of the large amount of natural resources, especially oil, that are mined and exported to southern neighbors. The USDCAD is one of the most traded currency pairs in the world.
Related currencies
USDCAD Pullback Toward 1.37900 as Dollar Weakness PersistsHey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around the 1.37900 zone. USDCAD is trading in a downtrend, with price currently correcting toward this key support/resistance level.
Structure: The broader bias remains bearish, but price is retracing upward
USDCAD – Shift in Momentum!USDCAD has moved from a strong bullish rally into a clear shift in momentum. After breaking structure with an aggressive drop, price is now moving inside a rising channel that looks more corrective than impulsive.
The previous bullish phase was defined by higher highs and higher lows, but the sharp
USD/CAD – Bulls Eyeing a Bounce from Key Demand ZoneAfter an aggressive correction from the 1.3920 highs, USD/CAD has now landed on a heavy demand zone near 1.3720 – 1.3740. This area has proven to be a launchpad for rallies in recent weeks, and price is once again testing buyers’ conviction. With both technical structure and macro fundamentals in pl
Lingrid | USDCAD Potential Long Trade From Support ZoneThe price perfectly fulfilled my previous idea . FX:USDCAD is retracing from the recent Higher High after stalling at the resistance zone. The structure has shifted into a compression channel followed by a breakout sequence that faded into a range. Price is now hovering just above support and ali
USDCAD Long Setup: From PRZ to Resistance LinesToday, I want to review the USDCAD ( OANDA:USDCAD ) long position with you.
USDCAD has reacted well to Support lines and the Potential Reversal Zone(PRZ)(1.373 CAD-1.370 CAD) .
From the perspective of Elliott wave theory , it seems that USDCAD has completed the microwave 5 of the main
Market Pullback Towards 50% Fib Support Zone?The Loonie (USD/CAD) is reacting off the pivot, which is an overlap support that aligns with the 50% Fibonacci retracement and could bounce to the pullback resistance.
Pivot: 1.3715
1st Support: 1.3568
1st Resistance: 1.3912
Risk Warning:
Trading Forex and CFDs carries a high level of risk to yo
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Displays a symbol's price movements over previous years to identify recurring trends.
Frequently Asked Questions
The value of the USDCAD pair is quoted as 1 USD per x CAD. For example, if the pair is trading at 1.50, it means it takes 1.5 CAD to buy 1 USD.
USDCAD is a major currency pair, i.e. a popular currency paired with USD.
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