Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD buyers struggle to keep the first daily gains in three as the quote retreats to 1.3550 heading into Monday’s European session. In doing so, the Loonie pair fades bounce off the convergence of the 100-bar and 200-bar Exponential Moving Averages (EMAs).
Pivot: 1.3555
Analysis:
While the price is below 1.3635, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3555
- Take Profit 1: 1.3300
- Take Profit 2: 1.3200
Alternative scenario:
If the level 1.3635 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3635
- Take Profit 1: 1.3800
- Take Profit 2: 1.3900
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3900 | 1.3300 |
| 1.3800 | 1.3200 |
| 1.3635 | 1.3100 |
