Daily Outlook

    The USD/CAD pair showcased a modest uptick on March 5, indicating slight bullish sentiment in the market. The currency pair closed the session at 1.35796, marking a 0.05% increase. This movement is reflective of the ongoing adjustments in the currency markets, as traders align their positions based on the latest economic indicators and geopolitical developments.

    The currency's pivot point at 1.3551 serves as a critical juncture, with immediate resistance observed at 1.3616. Further resistance levels are noted at 1.3674 and 1.3741, suggesting potential ceilings for upward movements. Conversely, the immediate support level at 1.3494, followed by 1.3427 and 1.3370, indicates where buyers might step in to uphold the currency's value.

    Technical indicators offer a nuanced view of the market dynamics. The Relative Strength Index (RSI) stands at 58, hinting at neither overbought nor oversold conditions, thereby providing room for further movement in either direction. The Moving Average Convergence Divergence (MACD) shows a slight divergence, with a value of -0.0002 against a signal of 0.0009, suggesting mixed signals about the market's direction. However, the close proximity of the 50-Day Exponential Moving Average (EMA) at 1.3572 to the current price underlines the currency pair's stability in the near term.

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

    USD/CAD - Trade Ideas

    Entry Price – Buy Above 1.35874

    Take Profit – 1.36216

    Stop Loss – 1.35647

    Risk to Reward – 1: 1.5

    Profit & Loss Per Standard Lot = +$342/ -$227

    Profit & Loss Per Mini Lot = +$34/ -$22

    USD /CAD


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