Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: January retail sales -1.1% to $54.5 billion vs. -3,4%. Retail sales excluding cars -1.2% vs forecast -2.7%. Core sales (excluding gas station sales and sales of vehicles and parts) -1.4%, the 2nd consecutive decline m/m. February retail sales estimate +4.0%. USD/CAD ignored the report and continues to trade up 0.05% intraday at 1.2490.
USD/CAD, 30 min
Pivot: 1.2591
Analysis:
Provided that the currency pair is traded above 1.2555, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2591
- Take Profit 1: 1.2615
- Take Profit 2: 1.2640
Alternative scenario:
In case of breakdown of the level 1.2555, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2555
- Take Profit 1: 1.2540
- Take Profit 2: 1.2520
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 1.2670 | 1.2555 |
| 1.2640 | 1.2540 |
| 1.2615 | 1.2520 |
USD/CAD, D1
Pivot: 1.2527
Analysis:
While the price is below 1.2745, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2527
- 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 - sell below 1.1875 with 1.1800 and 1.1780 targets as Take Profit. Alternative scenario - if the level 1.1875 is broken-out, buy with the TP 1.1900 and 1.1920.
GBP/USD - short positions below 1.3770 with 1.3700 and 1.3670 targets as Take Profit. Alternative scenario - if the level of 1.3770 is broken-out, buy with the targets 1.3800 and 1.3820 as Take Profit.
AUD/USD – sell below 0.7635 with 0.7560 and 0.7530 as Take Profit targets. Alternative scenario - if the level of 0.7635 is broken-out, you should consider buying with the targets 0.7655 and 0.7685 as Take Profit.
