Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD: declining oil risks and a more cautious stance by the Bank of Canada should put pressure on the Loonie - MUFG.
USD/CAD,D1
Pivot: 1.2775
Analysis:
While the price is below 1.2870, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2775
- Take Profit 1: 1.2735
- Take Profit 2: 1.2670
Alternative scenario:
If the level 1.2870 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2870
- Take Profit 1: 1.2940
- Take Profit 2: 1.3000
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3000 | 1.2735 |
| 1.2940 | 1.2670 |
| 1.2870 | 1.2550 |
