Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD is making efforts in shifting business above the immediate resistance of 1.3520 in the Asian session. The Loonie asset is gaining traction as investors are awaiting the release of the United States inflation figures and the interest rate decision by the Bank of Canada (BoC), which will release on Wednesday.
Pivot: 1.3509
Analysis:
While the price is above 1.3640, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3509
- Take Profit 1: 1.3470
- Take Profit 2: 1.3375
Alternative scenario:
If the level 1.3640 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3640
- Take Profit 1: 1.3700
- Take Profit 2: 1.3800
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3800 | 1.3470 |
| 1.3700 | 1.3375 |
| 1.3640 | 1.3300 |
