Source: PaxForex Premium Analytics Portal, Technical Insight

Reuters reports statements by Canadian Prime Minister Justin Trudeau who announced yesterday that he has closed a deal with Pfizer/BioNTech to buy 20 million doses of the COVID-19 vaccine. He also added that the border closure with the U.S. has been extended until February 21.

 USD/CAD, 30 min

Pivot: 1.2695

Analysis:

Provided that the currency pair is traded below 1.2720, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.2695
• Take Profit 1: 1.2655
• Take Profit 2: 1.2630

Alternative scenario: 

In case of breakout of the level 1.2720, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.2720
• Take Profit 1: 1.2745
• Take Profit 2: 1.2775

Comment:

RSI shows the possibility of a downtrend during the day.

Key levels:

USD/CAD, D1

Pivot: 1.2729

Analysis:

While the price is below 1.2930, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.2729
• Take Profit 1: 1.2460
• Take Profit 2: 1.2250

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:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD - sell below 1.2170 with 1.2100 and 1.2080 targets as Take Profit. Alternative scenario - if the level 1.2170 is broken-out, buy with the TP 1.2195 and 1.2220.
GBP/USD - short positions below 1.3665 with 1.3580 and 1.3540 targets as Take Profit. Alternative scenario - if the level of 1.3665 is broken-out, buy with the targets 1.3700 and 1.3725 as Take Profit.
AUD/USD – buy above 0.7725 with 0.7800 and 0.7820 as Take Profit targets. Alternative scenario - if the level of 0.7725 is broken-down, you should consider selling with the targets 0.7710 and 0.7695 as Take Profit.