Source: PaxForex Premium Analytics Portal, Technical Insight

ADP: employment in Canada increased by 1.04 million

1. Canada, ADP: June, employment +1.043 million

2. The May figure was revised from +208.4 thousand to -2.951 million.

3. Employment growth in June was driven by the economic restart and the return of many employees to their jobs.

4. Growth was registered in almost every sector, especially in trade and professional business services.

 USD/CAD, 30 min

Pivot: 1.3578

Analysis:

Provided that the currency pair is traded above 1.3555, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3578
• Take Profit 1: 1.3625
• Take Profit 2: 1.3645

Alternative scenario: 

In case of breakdown of the level 1.3555, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3555
• Take Profit 1: 1.3535
• Take Profit 2: 1.3529

Comment:

RSI shows the possibility of an ascending momentum during the day.

Key levels:

USD/CAD, D1

Pivot: 1.3640

Analysis:

While the price is below 1.3720, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3640
• 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:

We also advise you to pay attention to the following currency pairs for intra-day trading:

AUD/USD – buy above 0.6965 with 0.7010 and 0.7035 as Take Profit targets. Alternative scenario - if the level of 0.6965 is broken-down, you should consider selling with the targets 0.6945 and 0.68930 as Take Profit.
GBP/USD - short positions below 1.2580 with 1.2550 and 1.2535 targets as Take Profit. Alternative scenario - if the level of 1.2580 is broken-out, buy with the targets 1.2600 and 1.2625 as Take Profit.
EUR/USD - sell below 1.1400 with 1.1370 and 1.1355 targets as Take Profit. Alternative scenario - if the level 1.1400 is broken-out, buy with the TP 1.1420 and 1.1440.