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

Daily Price Outlook

- USD/CAD gains 0.16% to $1.38057, indicating a bullish trend in today's trading session.

- Pivot point at $1.3779; resistance levels at $1.3836, $1.3891, and $1.3941.

- Support levels at $1.3726, $1.3663, and $1.3614; RSI at 73, indicating overbought conditions.

In today's trading session, the USD/CAD pair exhibited a modest gain of 0.16%, reaching $1.38057, indicating a bullish trend. The chart analysis reveals pivotal levels, with the pivot point established at $1.3779. Immediate resistance levels are noted at $1.3836, followed by $1.3891 and $1.3941. Conversely, support levels are identified at $1.3726, $1.3663, and $1.3614, highlighting crucial areas to monitor for potential price movements.

Technical indicators suggest a bullish sentiment, with the Relative Strength Index (RSI) currently at 73, signaling an overbought condition. Additionally, the 50-day Exponential Moving Average (EMA) stands at $1.3645, further supporting the bullish outlook.

Considering the prevailing market conditions, an entry price for buying is advised above $1.37804. The recommended take profit level is set at $1.38757, while a stop-loss order is suggested at $1.37193 to mitigate potential downside risks.

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.37804

Take Profit – 1.38757

Stop Loss – 1.37193

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$953/ -$611

Profit & Loss Per Mini Lot = +$95/ -$61