Daily Price Outlook

- USD/CAD up 0.05%, trading at $1.37648, bullish sentiment.

- Key resistance at $1.3781, support at $1.3702, guiding price action.

- RSI at 65, indicating strong momentum, approaching overbought territory.

The USD/CAD pair saw a modest increase of 0.05%, bringing its price to $1.37648. The pivot point is established at $1.3808, acting as a crucial level that the pair is currently trading below.

Immediate resistance is observed at $1.3781, which, if breached, could open the path towards the next resistance levels at $1.3808 and $1.3846.

The ability to overcome these resistance points would indicate a strengthening bullish trend. On the flip side, immediate support is identified at $1.3702, with further support levels at $1.3663 and $1.3619, providing a safety net against potential declines.

The Relative Strength Index (RSI) is positioned at 65, indicating that the pair is approaching overbought territory. This suggests that while the upward momentum is strong, there may be limited room for additional gains without a correction.

Additionally, the 50-Day Exponential Moving Average (EMA) is located at $1.3690, supporting the bullish outlook as the current price is above this critical moving average.

In conclusion, the current technical setup favors a bullish strategy. An entry price with a buy limit at $1.37496 is recommended, targeting a take profit at $1.38084 while maintaining a stop loss at $1.37160 to manage risk.

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

USD/CAD - Trade Ideas

Entry Price – Buy Limit 1.37496

Take Profit – 1.38084

Stop Loss – 1.37160

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$588/ -$336

Profit & Loss Per Mini Lot = +$58/ -$33



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