Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: manufacturing PMI fell to a six-month low in January:
Manufacturing PMI 54.4, pre. 57.9 (record high);
New Orders Component 53.6 vs. 57.2;
Employment component 51.3 vs. 55.8;
Future production component 60.2 vs. 64.1.
USD/CAD, 30 min
Pivot: 1.2832
Analysis:
Provided that the currency pair is traded above 1.2810, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2832
- Take Profit 1: 1.2860
- Take Profit 2: 1.2875
Alternative scenario:
In case of breakdown of the level 1.2810, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2810
- Take Profit 1: 1.2785
- Take Profit 2: 1.2760
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 1.2900 | 1.2810 |
| 1.2875 | 1.2785 |
| 1.2860 | 1.2760 |
USD/CAD, D1
Pivot: 1.2787
Analysis:
While the price is below 1.2870, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2787
- Take Profit 1: 1.2600
- Take Profit 2: 1.2460
Alternative scenario:
If the level 1.2870 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2870
- Take Profit 1: 1.2980
- Take Profit 2: 1.3100
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3100 | 1.2600 |
| 1.2980 | 1.2460 |
| 1.2870 | 1.2380 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.2055 with1.2100 and 1.2120 targets as Take Profit. Alternative scenario - if the level 1.2055 is broken-down, sell with the TP 1.2040 and 1.2025.
GBP/USD - long positions above 1.3655 with 1.3745 and 1.3770 targets as Take Profit. Alternative scenario - if the level of 1.3655 is broken-down, sell with the targets 1.3630 and 1.3610 as Take Profit.
AUD/USD – buy above 0.7615 with 0.7705 and 0.7720 as Take Profit targets. Alternative scenario - if the level of 0.7615 is broken-down, you should consider selling with the targets 0.7600 and 0.7585 as Take Profit.
