Daily Price Outlook

    The USD/CAD currency pair, as recorded on October 31, is exhibiting a hint of bullish sentiment. Currently trading at 1.38514, the pair has ascended by a modest 0.18% within the last 24 hours. On the technical front, the pivot point for this pair is delineated at $1.3805. Should the pair maintain its current bullish trajectory, traders should eye an immediate resistance at $1.3950, followed by subsequent resistances at $1.4024 and the more formidable $1.4168. However, if the pair retraces its steps, we might see it seek refuge at the immediate support of $1.3731, with additional cushions lying at $1.3583 and $1.3512.

    The Relative Strength Index (RSI), a key barometer of momentum, is positioned at 60, indicating a bullish sentiment. This is further underscored by the Moving Average Convergence Divergence (MACD), wherein the MACD line marginally treads above its signal line, hinting at a potential upward momentum. Furthermore, the 50-Day Exponential Moving Average (EMA) stands at $1.3776, which, being below the current trading price, advocates a short-term bullish outlook.

    An upward channel has been identified on the chart, serving as a harbinger for potential bullish momentum. Such patterns generally indicate that buyers have more control and that the asset is likely to continue its upward trajectory, at least in the short term.

    To sum up this technical dissection, the USD/CAD is demonstrating bullish tendencies, particularly when trading above the pivotal $1.3800 mark. Given its current stance amidst the intricate web of resistance and support points, as well as the prevailing upward channel, it would not be audacious to forecast that the USD/CAD might soon aim to challenge the immediate resistance set at $1.3950.

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

    USD/CAD - Trade Idea

    Entry Price – Buy Limit 1.38234

    Take Profit – 1.38798

    Stop Loss – 1.37916

    Risk to Reward – 1: 1.75

    Profit & Loss Per Standard Lot = +$564/ -$318

    Profit & Loss Per Micro Lot = +$56/ -$31

    USD /CAD


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