Source: PaxForex Premium Analytics Portal, Technical Insight
The Canadian Dollar (CAD) is extending the week’s decline, getting pushed down as broader markets favor the US Dollar (USD) and Crude Oil bids decline into four-month lows.
Pivot: 1.6932
Analysis:
While the price is above 1.6750, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6932
- Take Profit 1: 1.7000
- Take Profit 2: 1.7150
Alternative scenario:
If level 1.6750 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6750
- Take profit 1: 1.6600
- Take Profit 2: 1.6500
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7200 | 1.6750 |
| 1.7150 | 1.6600 |
| 1.7000 | 1.6500 |
