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

Daily Price Outlook

- Pivot Point at $1.3641 critical for bearish momentum.

- Immediate resistance at $1.3666; potential upward target.

- Immediate support at $1.3618; crucial for stabilizing decline.

The USD/CAD pair is trading at $1.36491, showing a slight decline of 0.11%. On the 4-hour chart, the pivot point is marked at $1.3641, a critical level that could determine the pair’s next movement. Immediate resistance levels are identified at $1.3666, $1.3690, and $1.3717.

These levels represent potential upward targets if the price rebounds, indicating a shift in bullish momentum.

On the downside, immediate support is found at $1.3618, followed by $1.3589 and $1.3561. These levels are essential for traders to monitor as they suggest where the price might find stability if the downward trend continues.

The Relative Strength Index (RSI) is currently at 34, indicating that the pair is approaching oversold territory. This could imply a potential for a bounce-back, but traders should remain cautious of further declines.

The 50-day Exponential Moving Average (EMA) at $1.3690 acts as a significant resistance level. A break above this EMA would reinforce a bullish trend, suggesting further gains.

However, maintaining a position below the pivot point indicates a bearish outlook. The overall technical outlook for USD/CAD remains bearish below the pivot point of $1.3641.

Given the current indicators, traders might consider an entry price for selling around $1.36658, aiming for a take profit at $1.36239, with a stop loss set at $1.36908.

USD/CAD - Trade Ideas

Entry Price – Sell Limit 1.36658

Take Profit – 1.36239

Stop Loss – 1.36908

Risk to Reward – 1: 1.1

Profit & Loss Per Standard Lot = +$419/ -$250

Profit & Loss Per Mini Lot = +$41/ -$25