Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD licks its wounds around 1.3500 after refreshing the 1.5-month low early Monday. In doing so, the Loonie pair sellers take a breather after breaking the short-term key support line, now resistance, and the 100-DMA. Not only the DMA and support line break but the bearish MACD signals also keep the USD/CAD pair sellers hopeful.
Pivot: 1.3521
Analysis:
While the price is above 1.3640, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3521
- Take Profit 1: 1.3470
- Take Profit 2: 1.3375
Alternative scenario:
If the level 1.3640 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3640
- Take Profit 1: 1.3700
- Take Profit 2: 1.3800
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3800 | 1.3470 |
| 1.3700 | 1.3375 |
| 1.3640 | 1.3300 |
