Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD will collapse to 1.22 sooner than expected - Scotiabank.
USD/CAD,D1
Pivot: 1.2359
Analysis:
While the price is below 1.2610, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2359
- Take Profit 1: 1.2300
- Take Profit 2: 1.2180
Alternative scenario:
If the level 1.2610 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2610
- Take Profit 1: 1.2770
- Take Profit 2: 1.2895
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.2895 | 1.2300 |
| 1.2770 | 1.2180 |
| 1.2610 | 1.2075 |
