Source: PaxForex Premium Analytics Portal, Technical Insight

The USD/CAD fell to a 3-month low and aimed at 1.3400. The US dollar attracted buyers despite the general improvement in the market sentiment as the NFP report came out much stronger than expected. This report increased the probability of V-shaped economic recovery as well as hopes that the worst is over. Meanwhile, the loonie as a commodity currency is getting a decent support today due to the bullish dynamics of oil quotations. In addition, the Canadian employment report showed a surprisingly strong recovery of the national labor market.

USD/CAD, 30 min

Pivot: 1.3427

Analysis:

Provided that the currency pair is traded below 1.3445, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3427
• Take Profit 1: 1.3385
• Take Profit 2: 1.3355

Alternative scenario: 

In case of breakout of the level 1.3445, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3445
• Take Profit 1: 1.3470
• Take Profit 2: 1.3500

Comment:

It shows further downtrend development.

Key levels:

USD/CAD, D1

Pivot: 1.3409

Analysis:

While the price is below 1.3800, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3409
• Take Profit 1: 1.3200
• Take Profit 2: 1.2950

Alternative scenario:

If the level 1.3800 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3800
• Take Profit 1: 1.4150
• Take Profit 2: 1.4350

Comment:

RSI indicates that the downtrend is continuing.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

AUD/USD – buy above 0.6955 with 0.7000 and 0.7015 as Take Profit targets. Alternative scenario - if the level of 0.6955 is broken-down, you should consider selling with the targets 0.6925 and 0.6900 as Take Profit.
GBP/USD - long positions above 1.2675 with 1.2735 and 1.2765 targets as Take Profit. Alternative scenario - if the level of 1.2675 is broken-down, sell with the targets 1.2645 and 1.2615 as Take Profit.
EUR/USD - buy above 1.1270 with 1.1320 and 1.1340 targets as Take Profit. Alternative scenario - if the level 1.1270 is broken-down, sell with the TP 1.1230 and 1.1195.