Source: PaxForex Premium Analytics Portal, Technical Insight
Markit Manufacturing PMI for Canada:
Biggest monthly jump on record;
Highest reading since survey began in 2010;
Previous reading was 55.8;
Raw materials and product prices were at a 26-month high;
New orders at three-month high;
Sixth consecutive month above 50.0.
USD/CAD, 30 min
Pivot: 1.2750
Analysis:
Provided that the currency pair is traded below 1.2795, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2750
- Take Profit 1: 1.2730
- Take Profit 2: 1.2690
Alternative scenario:
In case of breakout of the level 1.2795, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2795
- Take Profit 1: 1.2825
- Take Profit 2: 1.2855
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
Resistance | Support |
1.2855 | 1.2730 |
1.2825 | 1.2690 |
1.2795 | 1.2660 |
USD/CAD, D1
Pivot: 1.2727
Analysis:
While the price is below 1.2930, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2727
- Take Profit 1: 1.2640
- Take Profit 2: 1.2460
Alternative scenario:
If the level 1.2930 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2930
- Take Profit 1: 1.3050
- Take Profit 2: 1.3170
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
Resistance | Support |
1.3170 | 1.2640 |
1.3050 | 1.2460 |
1.2930 | 1.2250 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.2240 with 1.2310 and 1.2330 targets as Take Profit. Alternative scenario - if the level 1.2240 is broken-down, sell with the TP 1.2230 and 1.2210.
GBP/USD - long positions above 1.3545 with 1.3650 and 1.3670 targets as Take Profit. Alternative scenario - if the level of 1.3545 is broken-down, sell with the targets 1.3515 and 1.3490 as Take Profit.
AUD/USD – buy above 0.7675 with 0.7760 and 0.7775 as Take Profit targets. Alternative scenario - if the level of 0.7675 is broken-down, you should consider selling with the targets 0.7655 and 0.7640 as Take Profit.