Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD bears occupy the driver’s seat as the Loonie pair slides to the lowest levels in a month heading into Monday’s European session. In doing so, the quote takes clues from the market’s upbeat sentiment, as well as firmer prices of Canada’s main export item WTI crude oil.
Pivot: 1.3402
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3402
- Take Profit 1: 1.3300
- Take Profit 2: 1.3225
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: 1.3570
- Take Profit 2: 1.3650
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3650 | 1.3300 |
| 1.3570 | 1.3225 |
| 1.3500 | 1.3100 |
