Source: PaxForex Premium Analytics Portal, Technical Insight

The USD/CAD currency pair is trading at 1.3392 and keeps moving within the bullish correction and descending channel. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates that there is a downtrend in the USD/CAD.

USD/CAD, 30 min

Pivot: 1.3385

Analysis:

Provided that the currency pair is traded below 1.3420 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3385
• Take Profit 1: 1.3370
• Take Profit 2: 1.3350

Alternative scenario: 

In case of breakout of the level 1.3420, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3420
• Take Profit 1: 1.3450
• Take Profit 2: 1.3480

Comment:

As long as the resistance of 1.3420 is not broken-out, the risk of breakdown below 1.3370 remains high.

Key levels:

USD/CAD, D1

Pivot: 1.3403

Analysis:

While the price is below 1.3610, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3403
• Take Profit 1: 1.3300
• Take Profit 2: 1.3100

Alternative scenario:

If the level 1.3610 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3610
• Take Profit 1: 1.3720
• Take Profit 2: 1.3870

Comment:

RSI indicates that the downtrend continues in the medium term.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

AUD/USD – buy above 0.7100 with 0.7150 and 0.7175 as Take Profit targets. Alternative scenario - if the level of 0.7100 is broken-down, you should consider selling with the targets 0.7075 and 0.7050 as Take Profit.
GBP/USD - long positions above 1.3040 with 1.3105 and 1.3140 targets as Take Profit. Alternative scenario - if the level of 1.3040 is broken-down, sell with the targets 1.3005 and 1.2975 as Take Profit.
EUR/USD - buy above 1.1735 with 1.1805 and 1.1825 targets as Take Profit. Alternative scenario - if the level 1.1735 is broken-down, sell with the TP 1.1695 and 1.1660.