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

Daily Price Outlook

- USD/CAD is in oversold territory with RSI at 23.

- Key pivot point at $1.3643 could determine the next move.

- Selling pressure likely if the pair breaks below $1.3643.

USD/CAD is trading at $1.36189, holding steady with no significant movement. The pair is currently hovering near the pivot point at $1.3643, a critical level that could determine the next direction.

Immediate resistance is at $1.3679, with further resistance at $1.3710 and $1.3739. On the downside, key support levels to watch are $1.3603, followed by $1.3572 and $1.3544.

The Relative Strength Index (RSI) is at 23, indicating that the pair is in oversold territory, which could suggest a potential bounce or limited downside movement.

The 50-day Exponential Moving Average (EMA) is positioned at $1.3712, suggesting that the overall trend is bearish.

Given the current technical setup, USD/CAD appears to be under selling pressure, especially if it breaks below the $1.3643 pivot point.

A move below this level could trigger further downside toward the $1.3603 support and potentially lower.

However, if the pair manages to break above $1.3643, we could see a test of the immediate resistance at $1.3679.

Conclusion: The recommended strategy is to sell below $1.36430, with a target of $1.35837 and a stop loss at $1.36789.

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.36430

Take Profit – 1.35837

Stop Loss – 1.36789

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$593/ -$359

Profit & Loss Per Mini Lot = +$59/ -$35