Source: PaxForex Premium Analytics Portal, Technical Insight

The USD/CAD made a new daily low at 1.2650 after it failed to develop a moderate intraday rally earlier.

USD/CAD,D1

Pivot: 1.2722

Analysis:

Provided that the currency pair is traded above 1.2380, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.2722
• Take Profit 1: 1.2880
• Take Profit 2: 1.3030

Alternative scenario: 

In case of breakdown of the level 1.2380, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.2380 
• Take Profit 1: 1.2250
• Take Profit 2: 1.2130

Comment:

RSI shows the possibility of an uptrend during the day.

Key levels: