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

Daily Price Outlook

- Immediate resistance at $1.38703; a break above this level could push prices toward $1.39030.

- RSI at 72 indicates overbought conditions, suggesting a potential short-term correction.

- The 50-day EMA at $1.35957 provides strong support, reinforcing the overall bullish bias.

USD/CAD is trading at $1.38066, up 0.08%, as it continues its upward momentum, testing key resistance levels. The pivot point stands at $1.38387, indicating bullish sentiment in the market. Immediate resistance is seen at $1.38703, with further resistance levels at $1.39030. If USD/CAD breaks above these levels, we could see the pair push higher toward $1.39500.

On the downside, immediate support is located at $1.37583, with deeper support at $1.37273 and $1.37044. Any break below these levels could signal a pullback, potentially weakening the current uptrend. The 50-day EMA is at $1.35957, offering strong support, suggesting that the overall bias remains bullish.

The RSI is at 72, signaling that USD/CAD is in overbought territory. While this indicates strong buying pressure, it also suggests a potential short-term correction.

Given the technical outlook, traders may look to buy above $1.37914, targeting $1.38703, with a stop loss set at $1.37409.

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.37914

Take Profit – 1.38703

Stop Loss – 1.37409

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$789/ -$505

Profit & Loss Per Mini Lot = +$78/ -$50