Source: PaxForex Premium Analytics Portal, Technical Insight

Head of the Atlanta Federal Reserve Bank: the economy will recover decently when the vaccine becomes available to the population:

• The Fed will monitor the situation from now until the next meeting to determine the need to change the asset purchase program;

• We will monitor whether a drop in retail sales will make the situation worse;

• Some people seem to be running out of money;

• Assistance programs must be available to those in need;

•  Employment in some service industries is still 40-50% below pre-COVID levels;

• We need to make sure that the weakest sectors have recovered.

 USD/CAD, 30 min

Pivot: 1.3094

Analysis:

Provided that the currency pair is traded above 1.3070, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3094
• Take Profit 1: 1.3120
• Take Profit 2: 1.3150

Alternative scenario: 

In case of breakdown of the level 1.3070, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3070
• Take Profit 1: 1.3060
• Take Profit 2: 1.3040

Comment:

RSI shows the possibility of an uptrend during the day.

Key levels:

USD/CAD, D1

Pivot: 1.3136

Analysis:

While the price is below 1.3250, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3136
• Take Profit 1: 1.2950
• Take Profit 2: 1.2790

Alternative scenario:

If the level 1.3250 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3250
• Take Profit 1: 1.3420
• Take Profit 2: 1.3580

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 - buy above 1.1850 with 1.1910 and 1.1925 targets as Take Profit. Alternative scenario - if the level 1.1850 is broken-down, sell with the TP 1.1840 and 1.1825.
GBP/USD - long positions above 1.3235 with 1.3310 and 1.3330 targets as Take Profit. Alternative scenario - if the level of 1.3235 is broken down, sell with the targets 1.3210 and 1.3190 as Take Profit.
AUD/USD – sell below 0.7305 with 0.7240 and 0.7220 as Take Profit targets. Alternative scenario - if the level of 0.7305 is broken-out, you should consider buying with the targets 0.7325 and 0.7340 as Take Profit.