Source: PaxForex Premium Analytics Portal, Technical Insight

USD/CAD will decline to 1.30 in the next three months - CitiBank. Citibank analysts write that the recent fall of the Canadian dollar was caused by the news that the U.S. plans to introduce a 10% duty on imports of aluminum from Canada. At the same time, they add that growing tension between the U.S. and China, as well as news concerning the elections, will continue to put pressure on the USD and support the Loonie. 

USD/CAD, 30 min

Pivot: 1.3420

Analysis:

Provided that the currency pair is traded below 1.3265, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3441
• Take Profit 1: 1.3195
• Take Profit 2: 1.3180

Alternative scenario: 

In case of breakout of the level 1.3265, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3265
• Take Profit 1: 1.3290
• Take Profit 2: 1.3315

Comment:

RSI shows the possibility of a descending momentum during the day.

Key levels:

USD/CAD, D1

Pivot: 1.3362

Analysis:

While the price is below 1.3600, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3292
• Take Profit 1: 1.3100
• Take Profit 2: 1.2850

Alternative scenario:

If the level 1.3600 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3600
• Take Profit 1: 1.3720
• Take Profit 2: 1.3870

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 - buy above 1.1775 with 1.1835 and 1.1850 targets as Take Profit. Alternative scenario - if the level 1.1775 is broken-down, sell with the TP 1.1760 and 1.1740.
GBP/USD - long positions above 1.3035 with 1.3095 and 1.3120 targets as Take Profit. Alternative scenario - if the level of 1.3035 is broken-down, sell with the targets 1.3020 and 1.3000 as Take Profit.
AUD/USD – buy above 0.7150 with 0.7190 and 0.7200 as Take Profit targets. Alternative scenario - if the level of 0.7150 is broken-down, you should consider selling with the targets 0.7140 and 0.7120 as Take Profit.