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

Daily Price Outlook

- USD/CAD trades above the pivot point at $1.42549, signaling bullish strength.

- RSI at 68 reflects strong buying momentum, nearing overbought conditions.

- Entry strategy: Buy Limit $1.42552, Take Profit $1.42928, Stop Loss $1.42270.

USD/CAD is trading at $1.42708, up 0.19%, maintaining its bullish momentum as buyers push prices above key levels.

On the 4-hour chart, the pair trades above the pivot point at $1.42549, signaling continued upside potential. Immediate resistance stands at $1.42923, with a breakout opening the path toward the next key levels at $1.43147 and $1.43365.

The 50 EMA, currently at $1.42065, serves as strong support, reinforcing bullish sentiment. A retest of the pivot point near $1.42549 could attract fresh buyers, as the uptrend remains intact. On the downside, immediate support rests at $1.42243, with further levels at $1.41986 and $1.41689 offering strong downside protection.

The Relative Strength Index (RSI) stands at 68, hovering near overbought territory but still signaling strong buying pressure. This suggests that USD/CAD could see further upside before any significant pullback.

Technical indicators, including price action above the 50 EMA and the pivot point, confirm the bullish outlook. Traders are closely watching for a decisive move above $1.42923, which could extend the rally to higher resistance levels.

USD/CAD - Trade Ideas

Entry Price – Buy Limit 1.42552

Take Profit – 1.42928

Stop Loss – 1.42270

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$376/ -$282

Profit & Loss Per Mini Lot = +$37/ -$28