Source: PaxForex Premium Analytics Portal, Technical Insight
The Canadian Dollar (CAD) trades lower after Crude Oil prices give up their gains on the back of US data showing a lower-than-expected Oil inventory draw.
EUR/CAD,D1
Pivot: 1.4751
Analysis:
As long as the price is above 1.4500 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4751
- Take Profit 1: 1.4800
- Take Profit 2: 1.4900
Alternative scenario:
As long as the price is above 1.4500 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4600
- Take profit 1: 1.4400
- Take Profit 2: 1.4300
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.5000 | 1.4500 |
| 1.4900 | 1.4400 |
| 1.4800 | 1.4300 |
