Source: PaxForex Premium Analytics Portal, Technical Insight
The main pressure on the pair right now is the weakening of the US dollar after the release of the disappointing NFP data from the US labor market for May.
USD/CAD, D1
Pivot: 1.2078
Analysis:
Provided that the currency pair is traded below 1.2275, 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 1.2275, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2275
- Take Profit 1: 1.2400
- Take Profit 2: 1.2500
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 1.2500 | 1.1980 |
| 1.2400 | 1.1830 |
| 1.2275 | 1.1680 |
