Daily Price Outlook

- USD/CAD trading at $1.36768, up 0.08%

- Pivot point at $1.3733 with immediate resistance at $1.3735

- Entry price for buying above $1.36697, with take profit at $1.37334 and stop loss at $1.36275

USD/CAD is trading at $1.36768, up 0.08% in the latest session. The 4-hour chart shows a pivot point at $1.3733, a key level for traders to watch. Immediate resistance is just above this pivot at $1.3735, followed by additional resistance levels at $1.3788 and $1.3836.

On the downside, immediate support is seen at $1.3614, with further support levels at $1.3562 and $1.3516.

The technical indicators offer further insights into the market dynamics. The Relative Strength Index (RSI) is currently at 46, suggesting a neutral sentiment with no immediate signs of being overbought or oversold.

The 50-day Exponential Moving Average (EMA) stands at $1.3690, slightly above the current price, indicating a potential resistance level that could cap upward movements in the short term.

The trading strategy for USD/CAD involves an entry price for buying above $1.36697, targeting a take-profit level at $1.37334 and a stop loss at $1.36275.

This strategy takes into account the likelihood of the pair testing the immediate resistance level at $1.3735, while also managing risk effectively with a stop loss below the recent support level.

A break above the immediate resistance at $1.3735 could signal further bullish momentum, driving prices towards the next resistance levels at $1.3788 and $1.3836.

Conversely, if the price falls below the immediate support at $1.3614, the next support levels at $1.3562 and $1.3516 will be critical for assessing potential downside risks.

Overall, the outlook for USD/CAD remains cautiously bullish above the entry price of $1.36697.

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

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.36697

Take Profit – 1.37334

Stop Loss – 1.36275

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$637/ -$422

Profit & Loss Per Mini Lot = +$63/ -$42



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