Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD is recovering from the six-week low set on Friday amid new purchases of the U.S. dollar.
USD/CAD,D1
Pivot: 1.2980
Analysis:
While the price is below 1.2870, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2816
- Take Profit 1: 1.2735
- Take Profit 2: 1.2680
Alternative scenario:
If the level 1.2870 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2870
- Take Profit 1: 1.3000
- Take Profit 2: 1.3050
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3250 | 1.2735 |
| 1.3050 | 1.2680 |
| 1.3000 | 1.2600 |
