Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD has witnessed a sheer downside after surrendering the critical support of 1.3442 in the Asian session. The loonie asset has dropped firmly below the round-level support of 1.3400 in the Tokyo session as a significant improvement in risk appetite has impacted the US Dollar.
Pivot: 1.3422
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3422
- Take Profit 1: 1.3300
- Take Profit 2: 1.3160
Alternative scenario:
If the level 1.3500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3500
- Take Profit 1: 1.3600
- Take Profit 2: 1.3750
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
Resistance | Support |
1.3750 | 1.3300 |
1.3600 | 1.3160 |
1.3500 | 1.3000 |