Daily Price Outlook

-  Monitor for a breakout above $1.37347, which could lead to testing further highs, solidifying a bullish trend.

- Watch support at $1.36137 as a critical junction for potential buy orders if the price dips.

- Stay updated on the 50-Day EMA, as it closely aligns with current pricing, providing a pivotal metric for trend direction.

In today’s foreign exchange market dynamics, the USD/CAD pair has shown a modest uptick, currently trading at $1.36798, marking an increase of 0.12%. This slight rise comes as the pair navigates around a crucial pivot point set at $1.37524, suggesting a potential zone of fluctuation that could dictate short-term market movements.

For traders eyeing resistance levels, the USD/CAD faces its first major barrier at $1.37347. Surpassing this could open the path towards higher resistance at $1.37884, followed by $1.38361. These levels are key for traders to monitor, as they could signify stronger bullish momentum if breached.

Conversely, the support structure begins at $1.36137. Should the pair decline, subsequent support levels at $1.35615 and $1.35161 will be critical to preventing further downward movement. Each of these marks a potential turning point where buying interest might be reignited to stabilize or reverse the downtrend.

The technical indicators provide a nuanced perspective; the Relative Strength Index (RSI) is nearly neutral at 48, indicating no immediate overbought or oversold conditions. Meanwhile, the 50-Day Exponential Moving Average (EMA) at $1.36897 slightly exceeds the current price, suggesting a delicate balance in trader sentiment that could lean towards bullish if sustained upward movement persists.

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

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.36672

Take Profit – 1.37524

Stop Loss – 1.36126

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$852/ -$546

Profit & Loss Per Mini Lot = +$852/ -$54



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