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

Daily Price Outlook

- USD/CAD faces immediate resistance at $1.3615; breaking above this could signal more bullish momentum.

- Immediate support at $1.3548, with further downside risks toward $1.3509.

- RSI at 57 suggests a neutral to slightly bullish trend, but momentum remains fragile.

The USD/CAD pair is currently trading at $1.35635, up 0.04%, hovering near a key pivot point at $1.3598. The pair has shown slight bullish momentum, supported by a relatively strong U.S. dollar.

However, the USD/CAD remains at a critical juncture, with price action confined between immediate resistance and support levels.

Immediate resistance stands at $1.3615, followed by stronger barriers at $1.3640 and $1.3662. If USD/CAD manages to break above $1.3615, it could open the door for further gains, with the 50-day Exponential Moving Average (EMA) at $1.3534 providing near-term support. The bullish bias remains intact as long as the price stays above this EMA level.

On the downside, immediate support is found at $1.3548, with the next critical levels at $1.3509 and $1.3483.

If the pair fails to maintain momentum above $1.3548, selling pressure could increase, pushing the price toward $1.3509. The Relative Strength Index (RSI) is currently at 57, suggesting neutral to slightly bullish momentum, but a dip below $1.3548 could weaken sentiment.

For now, the USD/CAD appears to be balancing between bullish and bearish pressures, with the $1.3598 pivot point serving as a key indicator for the next directional move. Traders should monitor these levels closely to identify potential entry and exit points.

USD/CAD - Trade Ideas

Entry Price– Buy Above 1.35474

Take Profit – 1.35975

Stop Loss – 1.35209

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$501/ -$265

Profit & Loss Per Mini Lot = +$50/ -$26