Source: PaxForex Premium Analytics Portal, Technical Insight
The USD/CAD pair has printed a fresh day low at 1.3725 in the Asian session. The downside move in the Loonie asset is backed by a subdued performance from DXY and rising hopes for a resumption of a policy-tightening spell by the Bank of Canada (BoC) after the release of robust Canadian Retail Sales data.
Pivot: 1.3730
Analysis:
While the price is above 1.3640, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3730
- Take Profit 1: 1.3800
- Take Profit 2: 1.3900
Alternative scenario:
If the level 1.3640 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3640
- Take Profit 1: 1.3550
- Take Profit 2: 1.3470
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.4000 | 1.3640 |
| 1.3900 | 1.3550 |
| 1.3800 | 1.3470 |
