Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: Markit PMI rose to 58.5 in March:
- The PMI rose the most in the 10-year history of observations;
- Previous PMI 54.8;
- The outstanding orders component reached the second highest in the history of observation;
- The entry price component rose to its highest since August 2018;
- Exit prices component reached second highest in the history of observation;
- The new orders component reached the third highest value in the history of observation.
USD/CAD, 30 min
Pivot: 1.2554
Analysis:
Provided that the currency pair is traded below 1.2582, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2554
- Take Profit 1: 1.2506
- Take Profit 2: 1.2486
Alternative scenario:
In case of breakout of the level 1.2582, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2582
- Take Profit 1: 1.2615
- Take Profit 2: 1.2634
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 1.2634 | 1.2506 |
| 1.2615 | 1.2486 |
| 1.2582 | 1.2467 |
USD/CAD, D1
Pivot: 1.2602
Analysis:
While the price is below 1.2745, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2602
- Take Profit 1: 1.2460
- Take Profit 2: 1.2360
Alternative scenario:
If the level 1.2745 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2745
- Take Profit 1: 1.2855
- Take Profit 2: 1.2980
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.2980 | 1.2460 |
| 1.2855 | 1.2360 |
| 1.2745 | 1.2300 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.1744 with 1.1811 and 1.1829 targets as Take Profit. Alternative scenario - if the level 1.1744 is broken-down, sell with the TP 1.1713 and 1.1695.
GBP/USD - long positions above 1.3798 with 1.3875 and 1.3897 targets as Take Profit. Alternative scenario - if the level of 1.3798 is broken-down, sell with the targets 1.3762 and 1.3741 as Take Profit.
AUD/USD – buy above 0.7578 with 0.7661 and 0.7685 as Take Profit targets. Alternative scenario - if the level of 0.7578 is broken-down, you should consider selling with the targets 0.7539 and 0.7516 as Take Profit.
