USD/CAD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Bullish Momentum: USD/CAD climbs above the pivot point at $1.41776, signaling upside potential.

- Resistance Levels: Immediate resistance at $1.42147, with the next target at $1.42513.

- Overbought Risk: RSI at 67 hints at possible short-term corrections.

USD/CAD is trading at $1.41054, up 0.86%, as the pair continues to build on bullish momentum, testing key resistance near $1.41191. The pair remains above its pivot point at $1.41776, signaling the potential for further upside if buyers sustain control. Immediate resistance is located at $1.42147, with additional barriers at $1.42513.

On the downside, immediate support lies at $1.40828, followed by stronger levels at $1.40531 and $1.40242, where buyers may look to re-enter if the pair retraces. The 50-day EMA, currently at $1.39861, serves as a dynamic support, reinforcing the upward trajectory.

The RSI at 67 suggests the pair is nearing overbought territory, which could trigger profit-taking in the short term. A break below $1.41198 may expose USD/CAD to a corrective pullback toward the $1.40531 support. Conversely, a sustained break above $1.41776 could pave the way for a rally toward $1.42147 and beyond.

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.41198

Take Profit – 1.40531

Stop Loss – 1.41698

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$667/ -$500

Profit & Loss Per Mini Lot = +$66/ -$50