Source: PaxForex Premium Analytics Portal, Technical Insight
The Canadian real estate market was inactive at the peak of the COVID-19 pandemic. But now, due to accumulated demand, lack of supply, and historically low-interest rates, prices continue to rise. The Remax Reality survey forecasts a 4.6% increase in real estate prices in Canada this year.
USD/CAD, 30 min
Pivot: 1.3230
Analysis:
Provided that the currency pair is traded above 1.3200 follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3230
- Take Profit 1: 1.3270
- Take Profit 2: 1.3300
Alternative scenario:
In case of breakdown of the level 1.3200, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3200
- Take Profit 1: 1.3175
- Take Profit 2: 1.3145
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
Resistance | Support |
1.3335 | 1.3200 |
1.3300 | 1.3175 |
1.3270 | 1.3145 |
USD/CAD, D1
Pivot: 1.3125
Analysis:
While the price is below 1.3320, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3125
- Take Profit 1: 1.2950
- Take Profit 2: 1.2790
Alternative scenario:
If the level 1.3320 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3320
- Take Profit 1: 1.3500
- Take Profit 2: 1.3720
Comment:
RSI indicates that the downtrend continues in the medium term.
Key levels:
Resistance | Support |
1.3720 | 1.2950 |
1.3500 | 1.2790 |
1.3320 | 1.2550 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.1800 with 1.1755 and 1.1730 targets as Take Profit. Alternative scenario - if the level 1.1800 is broken-out, buy with the TP 1.1820 and 1.1850.
GBP/USD - short positions below 1.3055 with 1.2895 and 1.2845 targets as Take Profit. Alternative scenario - if the level of 1.3055 is broken-out, buy with the targets 1.3125 and 1.3185 as Take Profit.
AUD/USD – sell below 0.7245 with 0.7190 and 0.7165 as Take Profit targets. Alternative scenario - if the level of 0.7245 is broken-out, you should consider buying with the targets 0.7265 and 0.7285 as Take Profit.