Source: PaxForex Premium Analytics Portal, Technical Insight
The USD/CAD pair comes under some renewed selling pressure on the last day of the week and continues losing ground through the first half of the European session. The pair drops to the 1.3600 mark, or a fresh daily low in the last hour, and is pressured by a combination of factors.
Pivot: 1.3594
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3594
- Take Profit 1: 1.3750
- Take Profit 2: 1.3850
Alternative scenario:
If the level 1.3500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3500
- Take Profit 1: 1.3385
- Take Profit 2: 1.3300
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3950 | 1.3500 |
| 1.3850 | 1.3385 |
| 1.3750 | 1.3300 |
