Daily Price Outlook

- USD/CAD Gains Marginally: Registers a slight increase of 0.01%, reaching 1.3586.

- Identified Technical Thresholds: Resistance set at 1.3615, 1.3661, 1.3711; Support at 1.3540, 1.3506, 1.3459.

- Strategic Trading Insights: Suggests buying at 1.35733, aiming for a profit at 1.36154, with a stop loss at 1.35386.

The USD/CAD pair experienced a slight uptick in today’s market, registering a 0.01% increase to stand at 1.3586. This movement, albeit minimal, indicates a nuanced market environment where traders are gauging several factors before making significant commitments.

A closer inspection reveals that the pair is trading near a pivot point of 1.3615, suggesting a potential pivot in market direction. Resistance levels are delineated at 1.3615, 1.3661, and 1.3711, pointing towards key barriers that could cap upward movements. Conversely, the support framework is established at 1.3540, with further layers at 1.3506 and 1.3459, providing cushions that could arrest downward trends. The Relative Strength Index (RSI) sits at 56, indicating a slight lean towards a bullish sentiment but still far from the overbought threshold. Additionally, the 50-Day Exponential Moving Average (EMA) at 1.3549 reinforces the pair's underlying bullish inclination by positioning just below current price levels.

Based on this analysis, a strategic approach suggests setting a buy limit at 1.35733, with an aim to take profits at 1.36154, and a stop loss positioned at 1.35386.

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

USD/CAD - Trade Ideas

Entry Price – Buy Limit 1.35733

Take Profit – 1.36154

Stop Loss – 1.35386

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$421/ -$347

Profit & Loss Per Mini Lot = +$42/ -$34



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