Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD: anxiety over the coronavirus is worsening investor sentiment.
USD/CAD,D1
Pivot: 1.2695
Analysis:
Provided that the currency pair is traded above 1.2420, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2695
- Take Profit 1: 1.2810
- Take Profit 2: 1.2950
Alternative scenario:
In case of breakdown of the level 1.2420, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2420
- Take Profit 1: 1.2300
- Take Profit 2: 1.2180
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 1.3060 | 1.2420 |
| 1.2950 | 1.2300 |
| 1.2810 | 1.2180 |
