Daily Price Outlook

- USD/CAD trades at 1.32566, showing a slight increase; pivot point at 1.3199 with resistance up to 1.3322.

- RSI at 53 suggests mild bullish sentiment; MACD marginally positive, hinting at upward potential.

- Trading just below the 50 EMA; strategy includes sell limit at 1.33732, take profit at 1.31427, and stop loss at 1.35216.

The USD/CAD pair showed a marginal increase on Tuesday, trading at 1.32566, up by a mere 0.03%. The currency pair is navigating around a pivot point of 1.3199. Key resistance levels are identified at 1.3232, 1.3288, and 1.3322, while supports are found at 1.3143, 1.3107, and 1.3073, offering a clear framework for potential price movements.

The Relative Strength Index (RSI) is positioned at 53, suggesting a slightly bullish sentiment. The Moving Average Convergence Divergence (MACD) is marginally positive at 0.001, indicating a potential for upward momentum. The pair is currently trading just below the 50-Day Exponential Moving Average (EMA) of 1.3238, a factor that may influence its short-term trajectory.

Considering the technical analysis, the overall trend for USD/CAD appears to be cautiously bullish. A strategic approach could involve a sell limit at 1.33732, with a take profit target at 1.31427 and a stop loss at 1.35216, while keeping an eye on the mentioned technical levels for future direction.

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

USD/CAD - Trade Idea 

Entry Price – Sell Limit 1.33732

Take Profit – 1.31427

Stop Loss – 1.35216

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$230/ -$148

Profit & Loss Per Mini Lot = +$23/ -$14



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