Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: retail sales fell 3.4% in December:
- Excluding cars -4.1% vs. -2.4% forecast, prev. +2.1%;
- Sales declined in 9 of 11 sectors;
- Q4 sales up 1.2% vs. Q3;
- Preliminary January retail sales figure down 3.3% in January;
- First decline after 7 consecutive months of gains;
- About 15% of all retailers closed in December.
It appears that the figure will fall again in January amid tightening quarantine measures. The subsequent store openings, however, should be responsible for a decent increase in pent-up demand.
USD/CAD, 30 min
Pivot: 1.2608
Analysis:
Provided that the currency pair is traded below 1.2630, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2608
- Take Profit 1: 1.2575
- Take Profit 2: 1.2560
Alternative scenario:
In case of breakout of the level 1.2630, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2630
- Take Profit 1: 1.2650
- Take Profit 2: 1.2670
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 1.2670 | 1.2575 |
| 1.2650 | 1.2560 |
| 1.2630 | 1.2540 |
USD/CAD, D1
Pivot: 1.2603
Analysis:
While the price is below 1.2855, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2603
- Take Profit 1: 1.2460
- Take Profit 2: 1.2300
Alternative scenario:
If the level 1.2855 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2855
- Take Profit 1: 1.2980
- Take Profit 2: 1.3100
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.3100 | 1.2460 |
| 1.2980 | 1.2300 |
| 1.2855 | 1.2170 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.2145 with 1.2100 and 1.2080 targets as Take Profit. Alternative scenario - if the level 1.2145 is broken-out, buy with the TP 1.2170 and 1.2190.
GBP/USD - long positions above 1.4000 with 1.4055 and 1.4080 targets as Take Profit. Alternative scenario - if the level of 1.4000 is broken-down, sell with the targets 1.3975 and 1.3950 as Take Profit.
AUD/USD – buy above 0.7845 with 0.7920 and 0.7935 as Take Profit targets. Alternative scenario - if the level of 0.7845 is broken-down, you should consider selling with the targets 0.7820 and 0.7790 as Take Profit.
