Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: GDP contracted in July but should rebound in August.
USD/CAD,D1
Pivot: 1.2640
Analysis:
While the price is above 1.2420, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2640
- Take Profit 1: 1.2695
- Take Profit 2: 1.2810
Alternative scenario:
If the level 1.2420 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2420
- Take Profit 1: 1.2250
- Take Profit 2: 1.2130
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.2950 | 1.2420 |
| 1.2810 | 1.2250 |
| 1.2695 | 1.2130 |
