Source: PaxForex Premium Analytics Portal, Technical Insight
USD/CAD renews intraday high around 1.3440 during the second daily run-up amid early Monday. In doing so, the Loonie pair buyers attack a convergence of the 21-Day Moving Average (DMA) and a downward-sloping from November 10, around 1.3440 by the press time.
USD/CAD,D1
Pivot: 1.3435
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3435
- Take Profit 1: 1.3300
- Take Profit 2: 1.3160
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: 1.3600
- Take Profit 2: 1.3750
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
Resistance | Support |
1.3750 | 1.3300 |
1.3600 | 1.3160 |
1.3500 | 1.3000 |