Source: PaxForex Premium Analytics Portal, Technical Insight
Growing speculation for more interest rate cuts by the Bank of Canada (BoC) will pressure the Canadian Dollar (CAD).
Pivot: 1.3558
Analysis:
While the price is above 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3558
- Take Profit 1: 1.3700
- Take Profit 2: 1.3800
Alternative scenario:
If level 1.3500 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3500
- Take Profit 1: 1.3400
- Take Profit 2: 1.3300
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3900 | 1.3500 |
| 1.3800 | 1.3400 |
| 1.3700 | 1.3300 |
