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

Daily Price Outlook

- Sell Entry: Below $1.35164, targeting $1.34225.

- Immediate Support: $1.3424, with next supports at $1.3360 and $1.3287.

- RSI at 23: Signals oversold conditions, but bearish trend persists.

USD/CAD is currently trading at $1.34774, down 0.04% for the day, reflecting a mild bearish trend.

The pivot point to watch is $1.3516. If the pair continues to trade below this level, we could see further downside pressure, with immediate support at $1.3424.

Should this support break, the next levels to watch are $1.3360 and $1.3287, where additional buying interest may emerge.

The 50-day Exponential Moving Average (EMA) is sitting at $1.3612, which is above the current price and acts as a resistance level, reinforcing the bearish sentiment.

The Relative Strength Index (RSI) is at 23, indicating that the pair is in oversold territory. While this suggests that a rebound could be possible, the overall trend remains bearish as long as the price stays below the pivot point of $1.3516.

In conclusion, traders might consider selling below $1.35164, targeting a take profit around $1.34225, with a stop loss at $1.35731 to manage risk.

The immediate resistance levels to watch on the upside are $1.3574, $1.3633, and $1.3685. However, the bearish bias dominates unless the price breaks above these resistance levels.

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.35164

Take Profit – 1.34225

Stop Loss – 1.35731

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$939/ -$567

Profit & Loss Per Mini Lot = +$93/ -$56