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

Daily Price Outlook

The USD/CAD pair exhibited notable strength in its previous session, successfully exceeding our initial target of 1.3585 and advancing to our secondary objective at 1.3680. The currency pair has begun today's trading with a further ascent, breaking past this level, thereby reinforcing its dominant bullish trajectory for both intraday and short-term perspectives, paving the way towards a potential target of 1.3805.

Given the current dynamics, the bullish outlook remains robust and is further endorsed by the EMA50. However, it's crucial to mention that if the pair fails to maintain its position above 1.3680, it could reverse into a bearish correction.

Today, the anticipated trading bracket for USD/CAD is delineated between a support level of 1.3640 and a resistance threshold of 1.3780.

USD/CAD - Trade Idea

Entry Price – Sell Limit 1.37210

Take Profit – 1.36375

Stop Loss – 1.37685

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$835/ -$475

Profit & Loss Per Micro Lot = +$83/ -$47