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

Daily Price Outlook

- USD/CAD is trading at $1.37168, down 0.02%, with a pivot point at $1.3725.

- Immediate resistance at $1.3756, $1.3791, and $1.3826; support at $1.3684, $1.3649, and $1.3607.

- RSI at 43 and 50-day EMA at $1.3740 indicate a neutral stance with potential for further movement.

The USD/CAD is currently trading at $1.37168, down 0.02%, as the pair experiences a slight decline on the 4-hour chart. The pivot point is positioned at $1.3725, which is critical for determining the next price movement.

Immediate resistance levels are noted at $1.3756, followed by $1.3791 and $1.3826. These resistance levels are significant obstacles that need to be breached for a continued upward trend.

On the downside, immediate support is found at $1.3684, with further support levels at $1.3649 and $1.3607. These support levels are crucial in preventing further declines and will be closely watched by market participants.

The Relative Strength Index (RSI) is at 43, indicating a neutral stance with room for potential movement in either direction. The 50-day Exponential Moving Average (EMA) is at $1.3740, providing a significant resistance level that could cap upward movements in the short term.

Overall, the outlook for USD/CAD remains bearish below the $1.3725 pivot point. Conversely, a break above the immediate resistance at $1.3756 could signal a bullish reversal, pushing the price higher.

The recommended entry point is to sell below $1.37248, with a take profit target at $1.36838 and a stop loss at $1.37473.

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.37248

Take Profit – 1.36838

Stop Loss – 1.37473

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$410/ -$225

Profit & Loss Per Mini Lot = +$41/ -$22