Daily Price Outlook

- Price Movement: Closed slightly higher at $1.37023, showing a small gain of 0.05%.

- Technical Levels: Key resistance at $1.3735 and support at $1.3614 guide the trading bias.

- Trade Strategy: Buy limit at $1.36792, targeting $1.37363 with a stop loss at $1.36380.

The USD/CAD pair saw a modest increase on April 23, finishing the trading day at 1.37023, a slight uptick of 0.05%. This marginal gain indicates a restrained bullish sentiment as traders evaluate key technical levels for future direction.

The pivot point for the pair is established at 1.3736, suggesting a near-term resistance. The immediate resistance stands slightly lower at 1.3735, closely aligning with the pivot point, and may act as a hurdle for upward price movements. Subsequent resistance levels at 1.3788 and 1.3836 mark potential targets for bullish breakouts. On the downside, the immediate support is placed significantly lower at 1.3614, with further supports at 1.3562 and 1.3516, highlighting potential areas where the price might find a floor if downward pressure increases.

Technical indicators shed more light on the pair's dynamics. The Relative Strength Index (RSI) is at 33, hovering near the oversold territory, which could signal an upcoming rebound if buyers step in near key support levels. The 50-day Exponential Moving Average (EMA) at 1.3753 is currently above the price, indicating that the medium-term trend has been bearish but is possibly leveling off given the current price actions.

For traders looking to capitalize on these insights, a strategic approach would involve placing a buy limit order at 1.36792. This entry point is strategically chosen to optimize the potential rebound from lower support levels. The take profit target is set at 1.37363, near the pivot point, with a stop loss at 1.36380 to manage risk effectively.

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

USD/CAD - Trade Ideas

Entry Price – Buy Limit 1.36792

Take Profit – 1.37363

Stop Loss – 1.36380

Risk to Reward – 1: 1.39

Profit & Loss Per Standard Lot = +$571/ -$412

Profit & Loss Per Mini Lot = +$57/ -$41



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