Source: PaxForex Premium Analytics Portal, Technical Insight
The fall of the CAD looks excessive considering the strength of the domestic economy, the Bank of Canada's own hawkish intentions and the yield premium against the USD for the CAD, but it will not help the CAD against the overall growth of the USD at the moment.
EUR/CAD,D1
Pivot: 1.3472
Analysis:
As long as the price is above 1.3440 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3456
- Take Profit 1: 1.3600
- Take Profit 2: 1.3770
Alternative scenario:
If the level of 1.3440 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3440
- Take profit 1: 1.3385
- Take Profit 2: 1.3300
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.3850 | 1.3440 |
| 1.3770 | 1.3385 |
| 1.3600 | 1.3300 |
