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

Daily Price Outlook

- USD/CAD is trading at $1.38366, down 0.11%, just below the pivot point of $1.3859.

- RSI at 48 indicates a neutral market; the 50-day EMA suggests potential resistance at $1.3839.

- Buy below $1.38152 with a take-profit at $1.38811; stop-loss set at $1.37805 for risk management.

The USD/CAD pair is currently trading at $1.38366, down 0.11%, reflecting a mild bearish sentiment in the market.

The currency pair remains just below the pivot point at $1.3859, indicating a struggle to gain upward traction. Immediate resistance is situated at $1.3864, with further hurdles at $1.3908 and $1.3946.

Overcoming these resistance levels is crucial for the USD/CAD to shift back to a bullish trajectory.

On the support side, immediate levels are at $1.3781, followed by $1.3745 and $1.3706. These support levels are pivotal for traders looking to manage risk, as a fall below them could signal continued downward pressure.

The 50-day Exponential Moving Average (EMA) is at $1.3839, which is slightly above the current price and could act as a short-term resistance point.

This technical indicator highlights the cautious sentiment in the market, as traders await stronger signals to determine the next directional move.

The Relative Strength Index (RSI) is at 48, suggesting a neutral stance in the market. This balanced reading implies that the pair is neither overbought nor oversold, presenting an opportunity for traders to capitalize on potential breakout or breakdown scenarios.

Given the current setup, a strategic entry point would be to buy below $1.38152, with a take-profit target of $1.38811 and a stop-loss at $1.37805.

USD/CAD - Trade Ideas

Entry Price – Buy Below 1.38152

Take Profit – 1.38811

Stop Loss – 1.37805

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$659/ -$347

Profit & Loss Per Mini Lot = +$65/ -$34