Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD takes a U-turn from the intraday low while picking up bids to 1.3560 amid the holiday-thinned trading session on Monday. In doing so, the Loonie pair bounces off the convergence of the 200-SMA and an upward-sloping support line from the last Wednesday.
Pivot: 1.3546
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3546
- Take Profit 1: 1.3750
- Take Profit 2: 1.3850
Alternative scenario:
If the level 1.3500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3500
- Take Profit 1: 1.3385
- Take Profit 2: 1.3300
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3950 | 1.3500 |
| 1.3850 | 1.3385 |
| 1.3750 | 1.3300 |
