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: