Daily Price Outlook

    The USD/CAD currency pair has initiated a downward trajectory, exerting pressure on the pivotal support level at 1.3480. In light of this movement, it is prudent to remain neutral until a clearer directional signal emerges, which could be ascertained through either a breach of the aforementioned support or a surpassing of the 1.3520 resistance level.

    It's crucial to underscore that if the support is compromised, it could pave the way for the currency pair to revert to a bearish trajectory, targeting subsequent levels at 1.3400 and then potentially 1.3359. Conversely, if the pair manages to overcome the resistance, it could potentially signify the rejuvenation of a bullish trend, with the next significant objective positioned at 1.3585.

    For today's trading activities, the anticipated range is demarcated between the support at 1.3410 and the resistance at 1.3560. The prevailing sentiment for the day remains neutral.

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

    USD/CAD - Trade Idea 

    Entry Price – Sell Below 1.35132

    Take Profit – 1.33283

    Stop Loss – 1.36014

    Risk to Reward – 1: 2

    Profit & Loss Per Standard Lot = +$1849/ -$882

    Profit & Loss Per Micro Lot = +$184/ -$88

    USD /CAD


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