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:

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:

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.