Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD bounces off YTD low towards 1.3250 as oil price drops, US Dollar recovers amid sluggish markets.
Pivot: 1.3201
Analysis:
While the price is below 1.3475, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3201
- Take Profit 1: 1.3075
- Take Profit 2: 1.2900
Alternative scenario:
If level 1.3475 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3475
- Take Profit 1: 1.3670
- Take Profit 2: 1.3800
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3800 | 1.3075 |
| 1.3670 | 1.2900 |
| 1.3475 | 1.2800 |
