Source: PaxForex Premium Analytics Portal, Technical Insight
The USD/CAD rose to 1.2100 early in the North American session but could not break through the daily range.
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: 1.2078
- 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 |
