Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD remains depressed around 1.3680 as it struggles to defend the two-day uptrend during Monday’s Asian session. In doing so, the Loonie pair retreats from a seven-day-old horizontal resistance area inside a rising wedge bearish formation established since early November.
Pivot: 1.3670
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3670
- Take Profit 1: 1.3750
- Take Profit 2: 1.3850
Alternative scenario:
If the level 1.3500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3500
- Take Profit 1: 1.3385
- Take Profit 2: 1.3300
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3950 | 1.3500 |
| 1.3850 | 1.3385 |
| 1.3750 | 1.3300 |
