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

Daily Price Outlook

- Resistance Levels: Immediate resistance at $1.44587; further levels at $1.45428 and $1.46163.

- Support Zones: Key support at $1.42799, with additional levels at $1.42108 and $1.41342.

- Momentum Indicators: RSI at 39 signals bearish momentum; price below the 50 EMA supports a negative outlook.

USD/CAD is trading at $1.43112, down 0.12% on the day, as bearish momentum dominates. The pair is consolidating below the pivot point at $1.43454 on the 4-hour chart, suggesting potential for further downside.

The Relative Strength Index (RSI) is at 39, indicating weak momentum and room for additional selling pressure. The 50-day Exponential Moving Average (EMA) at $1.43855 acts as a key resistance level, reinforcing the bearish sentiment.

Immediate support is observed at $1.42799, with additional levels at $1.42108 and $1.41342, aligning with prior price action and technical indicators.

A break below $1.42799 could accelerate the downside move, targeting $1.42108. On the upside, resistance stands at $1.44587, followed by $1.45428 and $1.46163.

To negate the bearish outlook, the pair would need to break and sustain above the pivot point and the 50 EMA at $1.43454 and $1.43855, respectively.

The technical structure indicates that sellers maintain control, with the descending price action below the pivot and EMA levels affirming bearish dominance.

Traders should monitor the $1.43454 pivot closely for a potential reversal or continuation signal, with key support and resistance levels dictating short-term moves.

USD/CAD - Trade Ideas

Entry Price – Sell Below 1.43449

Take Profit – 1.42478

Stop Loss – 1.44070

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$971/ -$621

Profit & Loss Per Mini Lot = +$97/ -$62