Source: PaxForex Premium Analytics Portal, Technical Insight
The USD/CAD pair struggles to capitalize on Friday's bounce from the 1.3320 area, or its lowest level since November 25 and meets with a fresh supply on the first day of a new week. The pair remains on the defensive through the Asian session and is currently placed near the daily low, around mid-1.3300s.
Pivot: 1.3380
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3380
- 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 |
