Source: PaxForex Premium Analytics Portal, Technical Insight
As stated by the deputy governor of the Bank of Canada T. Lane:
The pandemic has forced the Bank of Canada to speed up work on creating its own digital currency;
Such currency will be released only if and when the time is right;
One of the determining factors will be a sharp decline in the use of cash;
Similar private sector offerings in this segment have serious drawbacks;
Cryptocurrencies such as bitcoin have no good reason to claim they are the money of the future; Recent price hikes look more like speculative mania.
USD/CAD, 30 min
Pivot: 1.2698
Analysis:
Provided that the currency pair is traded below 1.2715, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2698
- Take Profit 1: 1.2665
- Take Profit 2: 1.2650
Alternative scenario:
In case of breakout of the level 1.2715, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2715
- Take Profit 1: 1.2740
- Take Profit 2: 1.2765
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 1.2765 | 1.2665 |
| 1.2740 | 1.2650 |
| 1.2715 | 1.2630 |
USD/CAD, D1
Pivot: 1.2697
Analysis:
While the price is below 1.2930, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2697
- Take Profit 1: 1.2600
- 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 | 1.2600 |
| 1.3050 | 1.2460 |
| 1.2930 | 1.2380 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.2140 with 1.2100 and 1.2085 targets as Take Profit. Alternative scenario - if the level 1.2140 is broken-out, buy with the TP 1.2160 and 1.2180.
GBP/USD - long positions above 1.3820 with 1.3885 and 1.3900 targets as Take Profit. Alternative scenario - if the level of 1.3820 is broken-down, sell with the targets 1.3800 and 1.3785 as Take Profit.
AUD/USD – buy above 0.7710 with 0.7780 and 0.7800 as Take Profit targets. Alternative scenario - if the level of 0.7710 is broken-down, you should consider selling with the targets 0.7695 and 0.7680 as Take Profit.
