Daily Price Outlook

- USD/CAD is trading at $1.36380, up 0.09%, indicating slight bullish momentum.

- Immediate resistance levels are $1.3687, $1.3726, and $1.3768; potential hurdles for upward movement.

- Support levels at $1.3589, $1.3552, and $1.3520 are crucial for maintaining the current price structure.

The USD/CAD pair is currently trading at $1.36380, up 0.09% in the 4-hour timeframe. The pivot point is set at $1.3644, serving as a crucial reference for market participants. Immediate resistance levels are identified at $1.3687, $1.3726, and $1.3768. These levels mark potential hurdles for further upward movement, indicating where selling pressure may increase.

On the downside, immediate support is found at $1.3589, with additional support at $1.3552 and $1.3520. These levels are essential for maintaining the current price structure, acting as potential bounce points should the market experience downward pressure.

The Relative Strength Index (RSI) stands at 58, suggesting a moderately bullish sentiment. This indicates that while the market is leaning towards buying, it is not yet overbought, leaving room for potential upward movement.

The 50-day Exponential Moving Average (EMA) is positioned at $1.3619, just below the current price. Trading above this EMA generally signals a bullish trend. Given the current price is above this level, it reinforces the positive outlook for the USD/CAD pair in the near term.

Conclusion: The recommended trading strategy is to set a buy stop at $1.36519, with a take profit target at $1.36881 and a stop loss at $1.36189.

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

USD/CAD - Trade Ideas

Entry Price – Buy Stop 1.36519

Take Profit – 1.36881

Stop Loss – 1.36189

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$362/ -$330

Profit & Loss Per Mini Lot = +$36/ -$33



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