Source: PaxForex Premium Analytics Portal, Technical Insight
The USDCAD pair builds on last week's bounce from the 100-day SMA support and gains some follow-through traction on Monday. The momentum lifts spot prices to a one-and-half-week top, around the 1.3425 area, during the early European session and is sponsored by a combination of factors.
USD/CAD,D1
Pivot: 1.3382
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3382
- Take Profit 1: 1.3300
- Take Profit 2: 1.3160
Alternative scenario:
If the level 1.3500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3500
- Take Profit 1: 1.3600
- Take Profit 2: 1.3750
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3850 | 1.3300 |
| 1.3750 | 1.3160 |
| 1.3600 | 1.3000 |
