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

Daily Price Outlook

- Bullish Momentum: USD/CAD holds above the $1.44158 pivot, eyeing $1.44576 and $1.45185 for extended gains.

- Critical Support Levels: A drop below $1.43340 may invite further selling toward $1.42694.

- Trade Setup: Suggested entry at $1.44266, targeting $1.44846, with a stop loss at $1.43855 for risk management.

USD/CAD is trading at $1.43954, up 0.15%, as the pair maintains a bullish bias supported by positive momentum. The pivot point at $1.44158 acts as a critical threshold, with a break above this level paving the way for further gains.

Immediate resistance is positioned at $1.44576, followed by key levels at $1.45185 and $1.45757, suggesting strong upward potential if the pair clears these barriers.

On the downside, support is seen at $1.43340, with additional buffers at $1.42694 and $1.42101, which could come into play if selling pressure intensifies.

The pair is trading above the 50-EMA at $1.43679, which reinforces the short-term bullish outlook. However, any failure to sustain gains above the pivot may lead to consolidation or correction.

The trade setup suggests a Buy Stop at $1.44266, targeting $1.44846, with a stop loss at $1.43855 to mitigate downside risk.

Traders should monitor developments in oil prices, a key driver for the Canadian dollar, and upcoming economic data for directional cues.

USD/CAD - Trade Ideas

Entry Price – Buy Stop 1.44266

Take Profit – 1.44846

Stop Loss – 1.43855

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$580/ -$411

Profit & Loss Per Mini Lot = +$58/ -$41