Technical Analysis of USD/CAD Today 05.03.2020 at 17.45 GMT, the Head of Bank of Canada Stephen Poloz is expected to speak. Closer to the evening the volatility on USD/CAD is expected to increase. Traders will closely follow the speech of the Head of Bank of Canada in order to recognize the signals as to how the Central Bank will behave under the threat of coronavirus spreading.
Pivot - 1.3380
Provided that level 1.3380 is not broken down, follow the recommendations below:
In case of breakdown of the level 1.3380, follow the recommendations below:
RSI upward motion. USD/CAD may rise by 36 pips as an upward trend prevails within the day.
| Resistance | Support |
| 1.3445 | 1.3380 |
| 1.3425 | 1.3365 |
| 1.3410 | 1.3345 |
Pivot - 1.3353
As long as the price is above 1.3210, follow the recommendations below:
If level 1.3210 is broken-down, follow the recommendations below.
RSI shows buying power and further upward movement within the uptrend.
Key levels:
| Resistance | Support |
| 1.3660 | 1.3210 |
| 1.3565 | 1.3135 |
| 1.3485 | 1.3030 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD - buy above 0.6600 with 0.6645 and 0.6670 as Take Profit targets. Alternative scenario - in case of breakdown of the level 0.6600, it is necessary to consider selling with the targets 0.6575 and 0.6555 as Take Profit.
GBP/USD - long positions above 1.2850 with 1.2900 and 1.2920 targets as Take Profit. Alternative scenario - in case of breakdown of the level 1.2850, it is necessary to consider selling with the targets 1.2830 and 1.2800 as Take Profit.
USD/CHF - buy above the level 0.9545 with the targets 0.9580, 0.9605 as Take Profit. Alternative scenario - in case of breakdown of the level 0.9545, you should consider selling with the targets of 0.9530 and 0.9515 as Take Profit.
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