USD/CAD | US Dollar to Canadian Dollar Trading Analysis

Source: PaxForex Premium Analytics Portal, Technical Insight

USD/CAD drifts lower amid sustained USD selling, sliding Oil prices could lend support.

Pivot: 1.3591

Analysis:

While the price is above 1.3500, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3591
• Take Profit 1: 1.3700
• Take Profit 2: 1.3800

Alternative scenario:

If level 1.3500 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3500
• Take Profit 1: 1.3400
• Take Profit 2: 1.3300

Comment:

RSI shows the possibility of an uptrend in the medium term.

Key levels: