USD/CAD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- USD/CAD remains bullish above $1.44097, with resistance at $1.44735 and $1.45426.
- Support at $1.43537 is critical; a break below could push the pair toward $1.43003 and $1.42409.
- Traders favor buying above $1.44097, with a target at $1.44739 and a stop loss at $1.43773.
The USD/CAD pair is trading at $1.44456, edging up 0.03% as buyers maintain control above the $1.44097 pivot point. The pair remains in an uptrend, bolstered by a weaker Canadian dollar and sustained strength in the U.S. dollar.
The 50-day EMA at $1.43654 is providing strong dynamic support, reinforcing bullish momentum. If USD/CAD continues higher, immediate resistance is seen at $1.44735, followed by $1.45426 and $1.45986, signaling further upside potential.
On the downside, support at $1.43537 remains critical—losing this level could push the pair toward $1.43003, with further declines targeting $1.42409. However, as long as USD/CAD holds above the $1.44097 pivot point, the short-term trend favors buyers.
From a trading perspective, a buy entry above $1.44097 is favored, targeting $1.44739, with a stop loss at $1.43773. Key drivers include Fed rate expectations, oil price fluctuations, and overall risk sentiment in global markets.
USD/CAD - Trade Ideas
Entry Price – Buy Above 1.44097
Take Profit – 1.44739
Stop Loss – 1.43773
Risk to Reward – 1: 1.9
Profit & Loss Per Standard Lot = +$642/ -$324
Profit & Loss Per Mini Lot = +$64/ -$32
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