Daily Price Outlook
- USD/CAD tested crucial resistance at 1.3300 during intraday trading, also approaching the 50-day SMA and short-term downward trend line. RSI showed negative signals in overbought territory.
- Anticipate retracement lower with 1.3200 as target, if 1.3300 resistance holds.
- Projected trading range: 1.3200 (support) to 1.3300 (resistance).
USD/CAD advanced during intraday trading, subsequently testing the crucial resistance level at 1.3300. Additionally, it approached the resistance of the 50-day SMA and tested the short-term downward secondary trend line. The RSI displayed negative signals after entering the overbought zone.
Based on these factors, we anticipate the pair to retrace lower, with a target towards the initial support at 1.3200, under the condition that the resistance at 1.3300 remains intact.
The projected trading range for today lies between the support level of 1.3200 and the resistance level of 1.3300.
Our price prediction for today suggests a likely bullish trend. Traders are advised to closely monitor the price action and consider this bullish outlook when planning their trading strategies for USD/CAD. However, prudent risk management practices should be implemented due to the dynamic nature of the market.
USD/CAD - Trade Idea
Entry Price – Buy Above 1.32618
Take Profit – 1.33822
Stop Loss – 1.31970
Risk to Reward – 1: 1.86
Profit & Loss Per Standard Lot = +$120/ -$64
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