Source: PaxForex Premium Analytics Portal, Technical Insight
The employment rate in Canada grew stronger than expected in June:
The employment rate is +952900 vs. +700 thousand expected, pre. +289600;
Unemployment rate 12.3% vs. 12.1% projected, pre. 13.7%;
Full-time employment +488100 vs. pre. 13.7% 3. +219400;
Partial employment +464800 vs. pre. +70300;
Employment 1.8 million below the February level
Hourly wage of employees with permanent employment +6.8% vs. +8.9% expected;
Labor-force participation rate 63.8% vs. pre. 61.4%.
Since the labor-force participation rate before the pandemic was about 65.5%, it is safe to add another 1.5% to the unemployment rate. However, the overall labor market situation in Canada is moving in the right direction.
USD/CAD, 30 min
Pivot: 1.3610
Analysis:
Provided that the currency pair is traded above 1.3580, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3610
- Take Profit 1: 1.3650
- Take Profit 2: 1.3680
Alternative scenario:
In case of breakdown of the level 1.3580, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3580
- Take Profit 1: 1.3555
- Take Profit 2: 1.3535
Comment:
RSI shows the possibility of an ascending momentum during the day.
Key levels:
Resistance | Support |
1.3700 | 1.3580 |
1.3680 | 1.3555 |
1.3650 | 1.3535 |
USD/CAD, D1
Pivot: 1.3568
Analysis:
While the price is below 1.3720, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3568
- Take Profit 1: 1.3490
- Take Profit 2: 1.3300
Alternative scenario:
If the level 1.3720 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3720
- Take Profit 1: 1.3870
- Take Profit 2: 1.4015
Comment:
RSI indicates that the downtrend continues in the medium term.
Key levels:
Resistance | Support |
1.4015 | 1.3490 |
1.3870 | 1.3300 |
1.3720 | 1.3100 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – buy above 0.6920 with 0.6965 and 0.6980 as Take Profit targets. Alternative scenario - if the level of 0.6920 is broken-down, you should consider selling with the targets 0.6910 and 0.6900 as Take Profit.
GBP/USD - short positions below 1.2575 with 1.2530 and 1.2505 targets as Take Profit. Alternative scenario - if the level of 1.2575 is broken-out, buy with the targets 1.2590 and 1.2610 as Take Profit.
EUR/USD - sell below 1.1370 with 1.1320 and 1.1300 targets as Take Profit. Alternative scenario - if the level 1.1370 is broken-out, buy with the TP 1.1390 and 1.1410.