Daily Price Outlook

- USD/CAD is trading at $1.36558, up 0.16%, with a cautious outlook below the $1.3661 pivot point.

-Immediate resistance levels are set at $1.3687, $1.3705, and $1.3728, indicating potential upward barriers.

- Support levels at $1.3621, $1.3604, and $1.3580 could serve as key areas for potential downward movements.

The USD/CAD pair is currently trading at $1.36558, reflecting a 0.16% increase in the 4-hour timeframe. The pivot point at $1.3661 is a crucial level, serving as a key benchmark for potential price movements.

Immediate resistance levels are identified at $1.3687, $1.3705, and $1.3728, indicating potential upward barriers that could limit further gains.

On the support side, immediate support is noted at $1.3621, followed by $1.3604 and $1.3580. The 50-day Exponential Moving Average (EMA) is positioned at $1.3666, suggesting that the current price is hovering near this important technical indicator.

The Relative Strength Index (RSI) is at 51, indicating a neutral market sentiment, with no strong bias toward either buying or selling.

The technical outlook suggests a cautious approach, as the pair remains close to the pivot point and the 50 EMA. A break below the pivot point of $1.3661 could signal a bearish trend, with immediate targets at the support levels of $1.3621 and $1.3604.

Conversely, a move above the resistance level at $1.3687 could indicate further bullish momentum, targeting the next resistance levels at $1.3705 and $1.3728.

Given the current market conditions, the recommended strategy is to sell below $1.3666, with a take-profit target at $1.3621 and a stop loss at $1.3687. This strategy accounts for the possibility of a bearish trend continuation if the price fails to maintain above the pivot point and the 50 EMA.

In conclusion, the outlook for USD/CAD remains cautiously bearish below the $1.3661 pivot point. Immediate resistance levels at $1.3687, $1.3705, and $1.3728 could cap any potential upward movements.

On the downside, support levels at $1.3621, $1.3604, and $1.3580 are critical to monitor for signs of further bearish momentum.

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

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.36668

Take Profit – 1.36213

Stop Loss – 1.36876

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$455/ -$208

Profit & Loss Per Mini Lot = +$45/ -$20



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