Source: PaxForex Premium Analytics Portal, Technical Insight

USD/CAD reverses the early Asian session losses as it prints mild gains around 1.3735 during early Monday morning in Europe. In doing so, the Loonie pair defends the previous day’s recovery moves inside a one-week-old symmetrical triangle.

Pivot: 1.3745

Analysis:

While the price is above 1.3640, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3733
• Take Profit 1: 1.3800
• Take Profit 2: 1.3900

Alternative scenario:

If the level 1.3640 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3640
• Take Profit 1: 1.3550
• Take Profit 2: 1.3470

Comment:

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

Key levels: