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

Daily Price Outlook

- USD/CAD trades around 1.36, indicating a slight downtrend with a pivot point at 1.3569.

- Bearish sentiment evidenced by RSI at 32 and trading below the 50 EMA at 1.3600.

- The pair's trend remains bearish below 1.3643, with an expectation to test upper resistance levels soon.

In the foreign exchange market, the USD/CAD pair exhibits a subtle yet notable shift in its recent trading pattern. As of today, the pair is trading at around 1.36, marking a slight decrease of 0.07%. This movement suggests a tempered bearish sentiment towards the US Dollar in comparison to the Canadian Dollar.

From a technical standpoint, the pair is currently navigating through a series of key levels that could influence its short-term trajectory. The pivot point is set at 1.3569, which will play a critical role in determining the immediate directional bias. On the resistance front, USD/CAD faces hurdles at 1.3669, followed by higher resistance levels at 1.3740 and 1.3840. These points are crucial in testing the pair's potential to regain bullish momentum. Conversely, support levels are observed at 1.3495, with subsequent supports at 1.3393 and 1.3296, which could provide stability against further declines.

The Relative Strength Index (RSI) for the pair is currently at 32, hovering near the oversold territory, but not quite there yet. This suggests that while bearish sentiment is present, the market is not in a state of extremity. Additionally, the pair is trading slightly below its 50-Day Exponential Moving Average (EMA) of 1.3600, reinforcing the short-term bearish outlook.

In conclusion, the overall trend for USD/CAD appears to be bearish, particularly if it remains below the 1.3643 level. The short-term forecast indicates that the pair may test its immediate resistance levels in the upcoming sessions. Market participants should closely monitor these technical levels and indicators, as they will be pivotal in shaping the USD/CAD pair's price movements in the near term.

USD/CAD - Trade Idea 

Entry Price – Sell Below 1.36435

Take Profit – 1.35066

Stop Loss – 1.37273

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1369/ -$838

Profit & Loss Per Mini Lot = +$136/ -$83