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

Daily Price Outlook

- Immediate resistance at $1.3791, next at $1.3822, and $1.3851.

- Immediate support at $1.3713, next at $1.3674, and $1.3631.

- RSI at 74, indicating overbought conditions.

The USD/CAD pair is trading at $1.37696, up 0.06% for the day. The 4-hour chart suggests a bullish trend, with the pivot point set at $1.3791. This level is crucial for determining the market's direction. If the price surpasses this pivot point, the bullish trend is likely to continue.

Immediate resistance is observed at $1.3791, followed by $1.3822 and $1.3851. These levels act as potential barriers to any upward movement. On the downside, immediate support is seen at $1.3713, with further support at $1.3674 and $1.3631, which could provide potential entry points for long positions if the price rebounds.

The Relative Strength Index (RSI) is at 74, indicating that USD/CAD is in overbought territory. This suggests that a correction could be imminent, although the overall trend remains bullish. The 50-day Exponential Moving Average (EMA) is at $1.3699, which supports the bullish outlook as long as the price remains above this level.

Given the technical indicators, the suggested trading strategy is to buy above $1.37556, with a take profit target at $1.37910 and a stop loss at $1.37275. This strategy aligns with the current bullish sentiment and key resistance and support levels.

In conclusion, USD/CAD's outlook remains bullish above the pivot point of $1.3791.

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.37556

Take Profit – 1.37910

Stop Loss – 1.37275

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$354/ -$281

Profit & Loss Per Mini Lot = +$35/ -$28