Daily Price Outlook 

    The USD/CAD pair has witnessed a marginal increase of 0.12%, currently trading at 1.35078, signaling a slight bullish momentum in early trading hours. This move reflects a cautious optimism in the market, with the pair navigating above the pivotal 1.3503 mark, which serves as today's technical fulcrum. The immediate resistance levels are set at 1.3568, 1.3657, and 1.3731, outlining potential hurdles that could cap further gains. Conversely, support is found at 1.3411, with additional safety nets at 1.3343 and 1.3257, marking zones where buyers might step in to stabilize or push the pair higher.

    The Relative Strength Index (RSI) at 54 indicates a slightly bullish sentiment, suggesting that the market is neither overbought nor oversold, providing room for potential upward movement. Moreover, the MACD’s positive divergence from its signal line at 0.00013 against -0.00019 hints at growing bullish momentum, reinforcing the likelihood of an upward trajectory.

    The 50-Day Exponential Moving Average (EMA) at 1.3493 further supports this bullish outlook, as the pair's current price action remains above this key indicator. Given these technical indicators, the market's orientation seems inclined towards a bullish bias, contingent on maintaining momentum above the 1.34925 pivot. As such, entering a long position above this threshold with a target of 1.35437 and a stop loss set at 1.34527 could capitalize on the anticipated ascent, adhering to a disciplined risk management strategy.

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

    USD/CAD - Trade Ideas

    Entry Price – Buy Above 1.34925

    Take Profit – 1.35437

    Stop Loss – 1.34527

    Risk to Reward – 1: 1.29

    Profit & Loss Per Standard Lot = +$512/ -$398

    Profit & Loss Per Mini Lot = +$51/ -$39

    USD /CAD


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