Trading USDCAD requires a combination of technical and fundamental analysis. Since it's influenced by the U.S. dollar (USD) and the Canadian dollar (CAD), monitor key economic indicators like Federal Reserve policies, Bank of Canada (BoC) interest rate decisions, oil prices (since CAD is correlated with crude oil), and employment data from both countries. Use Elliott Wave Analysis to identify trend patterns, combined with support and resistance levels, Fibonacci retracements, and moving averages for entry and exit points. Watch for correlations with DXY (Dollar Index) and crude oil prices, as CAD tends to strengthen when oil rises. For short-term trades, analyze the 4H and 1D charts, setting clear stop-losses and take-profit levels to manage risk effectively.