Daily Price Outlook

- USD/CAD sees marginal decrease, pivot point at 1.3448.

- RSI neutral, MACD hints at bearish momentum, price near 50-day EMA.

- Forecast suggests cautious buy; key levels outlined for traders.

The USD/CAD pair is slightly down by 0.10%, trading at 1.34667. Key price levels to watch are the pivot point at 1.3448, which could serve as a turning point for the currency pair. Immediate resistances loom at 1.3518, 1.3611, and 1.3681, while supports are established at 1.3358, 1.3294, and 1.3195.

The RSI stands neutral at 50, suggesting a balanced market without clear overbought or oversold signals. The MACD's minor divergence, with a current value at -0.00015 below its signal at -0.00007, might indicate a slight bearish momentum. The 50-day EMA at 1.3461 is nearly aligned with the current price, offering neither bullish nor bearish conviction.

The absence of significant chart patterns suggests a market in search of direction. The short-term forecast is cautiously optimistic, proposing a buy above 1.34455, targeting a take-profit at 1.35390, with a stop-loss set at 1.33760.

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

USD/CAD - Trade Idea 

Entry Price – Buy Above 1.34455

Take Profit – 1.35390

Stop Loss – 1.33760

Risk to Reward – 1: 1.35

Profit & Loss Per Standard Lot = +$935/ -$695

Profit & Loss Per Mini Lot = +$93/ -$69



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