Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: June, production sales +20.7% MoM vs. the forecast of 16.4% and prev. 11.6%;
Production sales -15.6% YoY
Sales excluding cars +10.3%;
Sales grew in each of the 21 sectors;
New orders +23.6% MoM, -16.4% YoY
Production capacity utilization +10.9% to 73.3% from 81.3% a year ago.
Higher-than-expected production sales in June are the result of the ongoing recovery from the coronavirus crisis. USD/CAD initially declined by about 20 pips in response to the numbers and is now trading at 1.3230
USD/CAD, 30 min
Pivot: 1.3267
Analysis:
Provided that the currency pair is traded below 1.3270, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3267
- Take Profit 1: 1.3230
- Take Profit 2: 1.3205
Alternative scenario:
In case of breakout of the level 1.3270, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3270
- Take Profit 1: 1.3295
- Take Profit 2: 1.3315
Comment:
RSI shows the possibility of a descending momentum during the day.
Key levels:
| Resistance | Support |
| 1.3315 | 1.3230 |
| 1.3295 | 1.3205 |
| 1.3270 | 1.3190 |
USD/CAD, D1
Pivot: 1.3254
Analysis:
While the price is below 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3254
- Take Profit 1: 1.3100
- Take Profit 2: 1.2950
Alternative scenario:
If the level 1.3500 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3500
- Take Profit 1: 1.3720
- Take Profit 2: 1.3870
Comment:
RSI indicates that the downtrend continues in the medium term.
Key levels:
| Resistance | Support |
| 1.3870 | 1.3100 |
| 1.3720 | 1.2950 |
| 1.3500 | 1.2850 |
