Daily Price Outlook 

    The USD/CAD pair has exhibited a modest uptick of 0.01%, positioning itself at 1.35066 as of February 27. This minor increase underscores a period of consolidation within the forex market, with technical indicators and price movements suggesting a mix of stability and potential volatility.

    Key technical levels frame the current landscape for USD/CAD. The pivot point at 1.3454 acts as a foundational benchmark, with immediate resistance observed at 1.3492. Further resistance levels at 1.3551 and 1.3589 delineate potential ceilings for price ascensions. On the flip side, support levels at 1.3403, 1.3357, and 1.3319 serve as critical junctures where buying interest may resurface to bolster the pair.

    The Relative Strength Index (RSI) at 51 indicates a market in equilibrium, hinting at a balanced dynamic between buyers and sellers. The Moving Average Convergence Divergence (MACD) presents a value of 0.00014 against a signal of 0.00032, suggesting a cautious market sentiment with potential for directional shifts. The 50-day Exponential Moving Average (EMA) at 1.3506 closely mirrors the current price, reinforcing the state of consolidation.

    A symmetrical triangle pattern observed on the chart signals a consolidation phase for the Canadian dollar, with a bearish engulfing pattern and a cross below the 50 EMA potentially indicating an impending selling trend. This technical setup suggests a cautiously bearish outlook in the short term.

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

    USD/CAD - Trade Ideas

    Entry Price – Sell Below 1.35269

    Take Profit – 1.34718

    Stop Loss – 1.35573

    Risk to Reward – 1: 1.8

    Profit & Loss Per Standard Lot = +$551/ -$304

    Profit & Loss Per Mini Lot = +$55/ -$30

    USD /CAD


    24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.