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

Daily Price Outlook

- Immediate resistance is at $1.3615, with further targets at $1.3640 and $1.3662.

- RSI at 55 suggests a balanced momentum, with a slight bullish tilt.

- Buy above $1.35833, aiming for $1.36262, while maintaining a stop loss at $1.35568 for risk management.

The U.S. dollar (USD/CAD) is trading at $1.35918, up 0.08% on the day, reflecting a mild upward movement as the pair inches above the key pivot point at $1.3583.

The 4-hour chart shows steady price action, with the 50-day EMA positioned at $1.3567 providing a supportive floor for bulls.

Immediate resistance stands at $1.3615, and a break above this level could pave the way for further gains toward $1.3640 and $1.3662.

Despite the upward momentum, the RSI is neutral at 55, suggesting that neither bulls nor bears have full control at the moment. However, the pair remains above the 50-day EMA, signaling that buyers still hold an edge.

On the downside, support is found at $1.3548, with subsequent levels at $1.3519 and $1.3486, should selling pressure intensify.

Traders looking to capitalize on bullish momentum could consider buying above $1.35833, targeting $1.36262, with a stop loss placed near $1.35568 to manage downside risk. However, a failure to hold above $1.3583 could see the pair test lower supports.

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.35833

Take Profit – 1.36262

Stop Loss – 1.35568

Risk to Reward – 1: 6

Profit & Loss Per Standard Lot = +$429/ -$265

Profit & Loss Per Mini Lot = +$42/ -$26