Daily Price Outlook

    The USD/CAD pair has seen a slight uptick in the forex market, with a 0.15% increase over the past 24 hours, currently standing at 1.37209. In the 4-hour chart, the currency pair finds itself in a delicate equilibrium, with technical indicators providing a nuanced picture for traders.

    At the forefront of this technical analysis is the pair's pivot point at 1.3736, which serves as a fulcrum for the day's price action. The loonie faces immediate resistance at 1.3818, with subsequent barriers at 1.3983 and 1.4065 that could cap upward movements. On the flip side, supports are layered at 1.3572, 1.3490, and further down at 1.3328, providing multiple levels for potential retracements.

    The Relative Strength Index (RSI) sits at 46, slightly skewed towards bearish territory but not yet signaling oversold conditions that would typically precipitate a rebound. The MACD indicator's current reading shows a nascent bullish crossover, albeit with modest momentum, as the MACD line tiptoes above the signal line.

    The 50-day Exponential Moving Average (EMA) at 1.3754 currently resides above the pair's price, suggesting short-term bearish pressure. However, this indicator is closely aligned with the current price, indicating that the sentiment could easily flip should the pair push higher.

    Chart patterns do not present a clear directional bias at the moment, with candlestick formations suggesting a period of consolidation. No definitive chart pattern emerges from the current setup, indicating that traders may be awaiting further cues before committing to a direction.

    In summary, the technical outlook for USD/CAD on November 7 is cautiously bearish below the 1.3750 mark, with a close above this level potentially altering the near-term sentiment to bullish.

    USD/CAD Price Chart – Source: Tradingview
    USD/CAD Price Chart – Source: Tradingview

    USD/CAD - Trade Idea 

    Entry Price – Sell Limit 1.37630

    Take Profit – 1.36763

    Stop Loss – 1.38063

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$867/ -$433

    Profit & Loss Per Mini Lot = +$86/ -$43

    USD /CAD


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