Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. dollar continued rising on Wednesday, recovering from a five-month low against major currencies on expectations of Fed policy normalization after strong business data.
USD/CAD, D1
Pivot: 1.2080
Analysis:
Provided that the currency pair is traded below 1.2360, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2080
- Take Profit 1: 1.1980
- Take Profit 2: 1.1830
Alternative scenario:
In case of breakout of the level 1.2360, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2360
- Take Profit 1: 1.2500
- Take Profit 2: 1.2630
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 1.2630 | 1.1980 |
| 1.2500 | 1.1830 |
| 1.2360 | 1.1680 |
