Daily Price Outlook

- USD/CAD nudged to 1.35805, with key resistances at 1.3614 and 1.3641.

- RSI at 53 and 50-day EMA at 1.3560 suggest a balanced market stance.

- Trading strategy: Buy above 1.35692, take profit at 1.36145, stop loss at 1.35480.

The USD/CAD pair edged up slightly to 1.35805, marking a 0.06% increase on April 9. The currency is oscillating around a pivot point of 1.3568, indicating a potential for directional movement. Resistance levels are spotted at 1.3614, 1.3641, and 1.3675, which could cap upward trends. On the flip side, immediate support lies at 1.3539, followed by stronger levels at 1.3515 and 1.3483, serving as buffers against downward pressures.

With a Relative Strength Index (RSI) of 53, the market sentiment appears neutral, suggesting balanced buying and selling activities. The 50-day Exponential Moving Average (EMA) at 1.3560 closely aligns with the current price, reinforcing the significance of the pivot point and suggesting a stable trend.

For traders, a strategic entry point is advised above 1.35692, targeting a take-profit level at 1.36145, with a stop loss at 1.35480 to limit potential downside risk.

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

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.35692

Take Profit – 1.36145

Stop Loss – 1.35480

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$453/ -$212

Profit & Loss Per Mini Lot = +$45/ -$21



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