Source: PaxForex Premium Analytics Portal, Technical Insight

After being in a narrow range around 1.2100 for most of the day, the USD/CAD dropped in the US trading and posted a daily low at 1.2068.

USD/CAD,D1

Pivot: 1.2084

Analysis:

Provided that the currency pair is traded below 1.2275, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.2084
• 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: