Daily Price Outlook

- USD/CAD trading at $1.36269, down 0.12%, indicates potential bearish momentum.

- Immediate resistance levels are $1.3643, $1.3662, and $1.3677.

- Immediate support levels are $1.3591, $1.3564, and $1.3537, crucial for maintaining current levels.

USD/CAD is currently trading at $1.36269, reflecting a 0.12% decline on the 4-hour chart. The pivot point, set at $1.3615, is critical for determining the market direction. Immediate resistance levels are $1.3643, $1.3662, and $1.3677. On the downside, immediate support is identified at $1.3591, followed by $1.3564 and $1.3537.

The Relative Strength Index (RSI) is at 38, indicating potential bearish momentum. The 50-day Exponential Moving Average (EMA) is positioned at $1.3650, suggesting that the current price is below this short-term average, reinforcing a bearish outlook.

The outlook for USD/CAD remains bearish below the pivot point of $1.3615. Traders may consider buying above $1.36146, with a take profit target at $1.36521 and a stop loss at $1.35909.

The technical landscape suggests that USD/CAD is under pressure with limited upward momentum unless key resistance levels are breached. The RSI at 38 supports a bearish outlook, while the position below the 50-day EMA at $1.3650 adds to the bearish sentiment.

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

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.36146

Take Profit – 1.36521

Stop Loss – 1.35909

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$375/ -$237

Profit & Loss Per Mini Lot = +$37/ -$23



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