Daily Price Outlook

- USD/CAD trading at $1.37348, up 0.02%

- Pivot point at $1.3754 with immediate resistance at $1.3780 and support at $1.3712

- RSI at 60 and 50 EMA at $1.3691 indicating cautious market sentiment.

The USD/CAD pair is currently trading at $1.37348, showing a slight increase of 0.02% for the day. On the 4-hour chart, the pivot point is positioned at $1.3754, serving as a crucial level for traders to monitor.

Immediate resistance is located at $1.3780, with higher resistance levels at $1.3805 and $1.3833. On the downside, immediate support is seen at $1.3712, followed by support at $1.3688 and $1.3655.

Technical indicators present a mixed picture. The Relative Strength Index (RSI) is at 60, suggesting mild bullish momentum. Meanwhile, the 50-day Exponential Moving Average (EMA) is at $1.3691, providing a supportive base just below the current price level.

The market sentiment around USD/CAD indicates a cautious outlook, with traders closely watching for any economic data or market developments that could influence direction. The pair has shown resilience above the pivot point, but the immediate resistance at $1.3780 remains a significant barrier.

Should the price break above this level, it could indicate a stronger bullish trend. Conversely, a decline below the immediate support at $1.3712 may suggest further downside potential.

In conclusion, a strategic approach for traders would be to consider selling USD/CAD below $1.37544 with a take profit target at $1.37115 and a stop loss at $1.37893.

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

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.37544

Take Profit – 1.37115

Stop Loss – 1.37893

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$429/ -$349

Profit & Loss Per Mini Lot = +$42/ -$34



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