FX.co ★ USD/CAD

I believe the USD/CAD rally still has some room to run, as the indicators on the daily chart continue to point toward sustained bullish momentum. I notice that the MA100, which had been moving horizontally for quite some time and signaling a flat mood through the week, has now begun to tilt slightly upward under the influence of recent buying pressure, suggesting the beginning of renewed growth. I also observe that the MA18 is confidently trending north, forming about a forty-degree angle, which reflects strong bullish sentiment and steady buying interest throughout the week. I see that all candlesticks are positioned above every moving average, guiding line, and even the Ichimoku Cloud, which clearly reinforces the idea that the market sentiment is heavily tilted toward the buyers. I find it significant that the Ichimoku Cloud has already completed three bearish waves, forming a textbook trend sequence, and now appears to be flipping over to the bullish side, maintaining a thirty-degree upward slope that aligns perfectly with the current direction of the market. I acknowledge that both basement indicators are deeply overbought, yet I see no clear sell signals emerging just yet, which tells me that momentum remains firmly with the bulls. I therefore anticipate that the pair will likely continue to advance and test the key resistance level at 1.4093 before any notable reversal to the downside becomes possible, and I plan to monitor this level closely for potential shorting opportunities once signs of exhaustion appear.

I find the current USD/CAD situation rather disappointing and uninspiring, as the pair seems to have direction yet fails to translate that into meaningful trading opportunities. I initially approached the market with a clear plan, having assessed conditions yesterday morning when trading began, and I decided to step aside and let the pair continue its ascent until it could test the resistance level at 1.4039. I believed that once this benchmark was reached, I could consider opening short positions, expecting a potential correction from that zone. However, I watched as USD/CAD formed a local high at 1.4037, just shy of my anticipated resistance, and then began to stall, moving sideways within an unremarkable 10–15 pip range. I find this type of price action frustrating because it lacks momentum, clarity, and tradable volatility. I now see that my initial benchmark of 1.4039 has lost its relevance, as the market failed to reach it decisively or react in a meaningful way. I no longer find it logical or attractive to engage with this pair under current conditions, as I believe it has entered a phase of indecision that offers little reward compared to the potential risk. I prefer to wait for a stronger directional impulse or a clearer structural setup before reconsidering any involvement in USD/CAD trades.