Source: PaxForex Premium Analytics Portal, Technical Insight
The pair USD/CAD jumped up sharply on Friday after Powell's speech and on the background of a sharp decline in Wall Street stocks. The pair rose from 1.2920 to 1.3010 and made a two-day high.
USD/CAD,D1
Pivot: 1.2948
Analysis:
While the price is below 1.2870, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2948
- Take Profit 1: 1.3050
- Take Profit 2: 1.3100
Alternative scenario:
If the level 1.2870 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2870
- Take Profit 1: 1.2790
- Take Profit 2: 1.2735
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3200 | 1.2870 |
| 1.3100 | 1.2790 |
| 1.3050 | 1.2735 |
