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:

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:

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.