Daily Price Outlook

- USD/CAD trading at $1.36341; pivot point at $1.36452.

- Immediate resistance at $1.36700; support at $1.36242.

- RSI at 52.52, indicating neutral market conditions.

USD/CAD is currently trading at $1.36341 on the 2-hour chart. The pivot point is positioned at $1.36452 (Green line). Immediate resistance is observed at $1.36700, with further resistance at $1.36885 and $1.37099.

On the downside, immediate support is located at $1.36242, followed by $1.36036 and $1.35819. The 50-day Exponential Moving Average (EMA) is positioned at $1.36357, aligning closely with the current price and acting as a pivot point for potential upward or downward movements.

The Relative Strength Index (RSI) is currently at 52.52, indicating a neutral market position. This level suggests neither overbought nor oversold conditions, leaving room for potential moves in either direction.

The 50-day EMA at $1.36357 is a crucial level to watch, providing insight into the short-term trend. The alignment of the current price with the 50-day EMA suggests that any significant movement could establish a new trend direction.

For traders, a strategic entry point is recommended below $1.36452, with a take profit level set at $1.36036 and a stop loss at $1.36700. Maintaining prices below the pivot point of $1.36452 could indicate a bearish trend continuation, whereas a move above this level might suggest a bullish reversal.

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

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.36452

Take Profit – 1.36036

Stop Loss – 1.36700

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$416/ -$248

Profit & Loss Per Mini Lot = +$41/ -$24



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