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

Daily Price Outlook

As we delve into the technical stratum of the USD/CAD on November 21, we see the pair ebbing slightly by 0.1%, setting the currency at 1.37104. This minor retreat is set against a larger canvas where investors' vigilance is trained on the Bank of Canada's monetary policy direction and oil price fluctuations, which remain cardinal to the loonie's fortunes.

At the helm of key price points, the USD/CAD grapples with a pivot point situated at 1.3633, suggesting a tentative balance in market forces. Resistance waits patiently at 1.3742, with subsequent battlements at 1.3824 and 1.3929, potentially halting any bullish advances. Support, on the contrary, gathers at 1.3551, with further reinforcements at 1.3443 and 1.3340, ready to cushion any southward drifts.

The Relative Strength Index (RSI) rests at 44, nestled in a neutral zone, yet tiptoeing near the bearish territory, signaling a market in contemplation rather than conviction. The MACD, a mere hairbreadth above its signal, whispers the potential for momentum, albeit with a cautious undertone. The proximity of the price to the 50-day EMA at 1.3718 amplifies this sentiment of hesitation.

An upward channel breakout, previously observed, now seems to question its own validity as the pair skirts below the crucial 1.3738 mark. This inflection point is now the fulcrum upon which the near-term market sentiment pivots.

Conclusively, the technical prognosis for the USD/CAD is a cautious one, with a bearish undercurrent below 1.3738. As traders cast their nets wide for the upcoming sessions, the looming resistance at 1.3742 stands as a testament to the pair's resolve, while the currency's movements await further impetus from economic data and commodity price shifts.

USD/CAD - Trade Idea 

Entry Price – Sell Below 1.3725

Take Profit – 1.36575

Stop Loss – 1.37814

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$683/ -$556

Profit & Loss Per Mini Lot = +$68/ -$55