Source: PaxForex Premium Analytics Portal, Technical Insight

Canada's Finance Minister Bill Morneau has resigned and said he would not participate in the next federal election. Morneau has resigned from the Ministry of Finance and left Parliament but intends to propose his candidacy for the head of the International Organization for Economic Cooperation and Development. 

USD/CAD, 30 min

Pivot: 1.3170

Analysis:

Provided that the currency pair is traded below 1.3195, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3170
• Take Profit 1: 1.3135
• Take Profit 2: 1.3115

Alternative scenario: 

In case of breakout of the level 1.3195, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3195
• Take Profit 1: 1.3215
• Take Profit 2: 1.3235

Comment:

RSI shows the possibility of a descending momentum during the day.

Key levels:

USD/CAD, D1

Pivot: 1.3175

Analysis:

While the price is below 1.3430 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3175
• Take Profit 1: 1.2950
• Take Profit 2: 1.2790

Alternative scenario:

If the level 1.3430 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3430
• Take Profit 1: 1.3600
• Take Profit 2: 1.3720

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 intraday trading:

EUR/USD - sell below 1.1810 with 1.1775 and 1.1755 targets as Take Profit. Alternative scenario - if the level 1.1810 is broken-out, buy with the TP 1.1830 and 1.1850.
GBP/USD - short positions below 1.3100 with 1.3070 and 1.3055 targets as Take Profit. Alternative scenario - if the level of 1.3100 is broken-out, buy with the targets 1.3120 and 1.3145 as Take Profit.
NZD/USD – sell below 0.6549 with 0.6500 and 0.6487 as Take Profit targets. Alternative scenario - if the level of 0.6549 is broken-out, you should consider buying with the targets 0.6571 and 0.6584 as Take Profit.