Daily Price Outlook

- USD/CAD rises to 1.36811, up 0.15%, as traders eye resistance at 1.3735.

- Key resistances at 1.3788 and 1.3861; supports set at 1.3614, 1.3562.

- Neutral RSI at 52, with a buy strategy above 1.36711 aiming for 1.37563.

On April 30, the USD/CAD traded slightly higher at 1.36811, marking an increase of 0.15%. This uptick reflects subtle shifts in market sentiment as traders respond to evolving economic indicators and geopolitical events. The currency pair now hovers just below its critical pivot point at 1.3756, indicating potential volatility in the near term.

The USD/CAD faces immediate resistance at 1.3735, with subsequent thresholds at 1.3788 and 1.3861 that could limit upward movement. Should the pair break through these barriers, it may signal strengthening momentum for the U.S. dollar against the Canadian dollar, influenced by diverging economic policies or shifts in commodity prices, particularly oil, a significant export for Canada. Conversely, the support levels are established at 1.3614, 1.3562, and 1.3516. A decline below these points could suggest growing bearish pressure, potentially due to stronger Canadian economic performance or higher crude oil prices.

Technical indicators such as the Relative Strength Index (RSI) at 52 and the 50-Day Exponential Moving Average (EMA) at 1.3701 offer additional insights. The RSI indicates a neutral momentum, suggesting that the pair is neither overbought nor oversold, while the EMA provides a benchmark for the currency’s current resistance level.

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

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.36711

Take Profit – 1.37563

Stop Loss – 1.36165

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$852/ -$546

Profit & Loss Per Mini Lot = +$85/ -$54



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