USD/CAD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

• The USD/CAD pair is exhibiting a bullish bias around the 1.3635 level during the Asian session.
• Bullish momentum was observed in the Canadian dollar around the 1.3567 level, supported by hammer and spinning top candlestick patterns on the four-hour chart.
• Resistance is anticipated around the 1.3658 level, with potential targets at 1.3698 and 1.3745. Immediate support is expected at 1.3580, while a break below may target 1.3500.

During the Asian session, the USD/CAD pair is trading with a bullish bias around the 1.3635 level. Analyzing the four-hour timeframe, we can observe that the Canadian dollar has experienced a bullish momentum around the 1.3567 level.

The presence of hammer and spinning top candlestick patterns at this level indicates a potential bullish reversal for the USD/CAD pair. Additionally, this level aligns with another trendline visible on the four-hour chart, further strengthening the bullish sentiment.

On the upside, the Canadian dollar may encounter resistance around the 1.3658 level. A successful bullish breakout above this level could lead the Canadian dollar towards the next resistance level at 1.3698, and potentially even higher towards 1.3745.

On the downside, immediate support is expected around the 1.3580 level. If the Canadian dollar breaks below this level, the next target could be around 1.3500.

To summarize, it is important to monitor the 1.3560 level as a potential breakout above it could offer an opportunity to capture a bullish position. Conversely, keeping an eye on the 1.3603 level is also crucial, as a failure to break above it may present a chance to initiate a bearish position. USD/CAD Price Chart – Source: Tradingview

USD/CAD – Trade Idea

Entry Price – Buy Limit 1.36079

Stop Loss – 1.35600

Take Profit – 1.36975

Risk to Reward – 1 : 1.8

Profit & Loss Per Standard Lot = +$896/ -$479

Profit & Loss Per Micro Lot = +$89/ -$47