Source: PaxForex Premium Analytics Portal, Technical Insight
According to the RBC analysts, commenting on the results of the Bank of Canada's monetary policy meeting that ended, the Central Bank confirmed that the economy showed better-than-expected robustness in the second wave of the pandemic. Experts believe that the Canadian economy will return to full capacity in 2022, sooner than the regulator had forecast (the CB January estimate: 2023).
USD/CAD, 30 min
Pivot: 1.2474
Analysis:
Provided that the currency pair is traded below 1.2520, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2474
- Take Profit 1: 1.2430
- Take Profit 2: 1.2400
Alternative scenario:
In case of breakout of the level 1.2520, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2520
- Take Profit 1: 1.2545
- Take Profit 2: 1.2570
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 1.2570 | 1.2430 |
| 1.2545 | 1.2400 |
| 1.2520 | 1.2370 |
USD/CAD, D1
Pivot: 1.2477
Analysis:
While the price is below 1.2745, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2477
- Take Profit 1: 1.2300
- Take Profit 2: 1.2180
Alternative scenario:
If the level 1.2745 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2745
- Take Profit 1: 1.2855
- Take Profit 2: 1.2980
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.2980 | 1.2300 |
| 1.2855 | 1.2180 |
| 1.2745 | 1.2000 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.1925 with 1.1990 and 1.2010 targets as Take Profit. Alternative scenario - if the level 1.1925 is broken-down, sell with the TP 1.1910 and 1.1890.
GBP/USD - long positions above 1.3890 with 1.3975 and 1.4005 targets as Take Profit. Alternative scenario - if the level of 1.3890 is broken-down, sell with the targets 1.3865 and 1.3845 as Take Profit.
AUD/USD – buy above 0.7720 with 0.7820 and 0.7840 as Take Profit targets. Alternative scenario - if the level of 0.7720 is broken-down, you should consider selling with the targets 0.7700 and 0.7670 as Take Profit.
