Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD licks its wounds during a sluggish Monday morning as the pre-Fed blackout joins the Lunar New Year holidays in China. Even so, the bears remain hopeful as the quote extends the previous day’s pullback from the key moving averages.
Pivot: 1.3357
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3357
- Take Profit 1: 1.3300
- Take Profit 2: 1.3225
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: 1.3570
- Take Profit 2: 1.3650
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3650 | 1.3300 |
| 1.3570 | 1.3225 |
| 1.3500 | 1.3100 |
