Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: Q4 GDP up 9.6% q/q:
- Forecast +7.3%, final Q3 data +40.3% QoQ;
- December figure rose 0.1% m/m vs forecast of +0.1%;
- Annual rate down 3.0% y/y vs. -3.0% forecast, -2.8% in November;
- Monthly figure rose 0.8% m/m;
- The preliminary figure for January +0.5%.
USD/CAD, 30 min
Pivot: 1.2630
Analysis:
Provided that the currency pair is traded below 1.2665, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2630
- Take Profit 1: 1.2600
- Take Profit 2: 1.2575
Alternative scenario:
In case of breakout of the level 1.2665, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2665
- Take Profit 1: 1.2700
- Take Profit 2: 1.2740
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 1.2740 | 1.2600 |
| 1.2700 | 1.2575 |
| 1.2665 | 1.2545 |
USD/CAD, D1
Pivot: 1.2732
Analysis:
While the price is below 1.2855, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2732
- Take Profit 1: 1.2585
- Take Profit 2: 1.2460
Alternative scenario:
If the level 1.2855 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2855
- 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 | 1.2585 |
| 1.2980 | 1.2460 |
| 1.2855 | 1.2300 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.2050 with 1.2115 and 1.2140 targets as Take Profit. Alternative scenario - if the level 1.2050 is broken-down, sell with the TP 1.2025 and 1.1990.
GBP/USD - long positions above 1.3910 with 1.4000 and 1.4030 targets as Take Profit. Alternative scenario - if the level of 1.3910 is broken-down, sell with the targets 1.3880 and 1.3855 as Take Profit.
AUD/USD – buy above 0.7790 with 0.7880 and 0.7910 as Take Profit targets. Alternative scenario - if the level of 0.7790 is broken-down, you should consider selling with the targets 0.7765 and 0.7735 as Take Profit.
