Source: PaxForex Premium Analytics Portal, Technical Insight

The announcement by Bank of Canada CEO Tiff MackLem that interest rates will remain low for at least another two years may trigger a wave of speculative demand in the country's hottest markets. Economists, realtors, and mortgage brokers warn about it. The Canadian government hopes that a series of stimulating measures and extremely low-interest rates will increase the growth of lending and investment in real estate. It should help offset the economic blow from the Coronavirus pandemic and the sharp drop in oil

 USD/CAD, 30 min

Pivot: 1.3396

Analysis:

Provided that the currency pair is traded below 1.3410 follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3396
• Take Profit 1: 1.3350
• Take Profit 2: 1.3335

Alternative scenario: 

In case of breakout of the level 1.3410, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3410
• Take Profit 1: 1.3435
• Take Profit 2: 1.3460

Comment:

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

Key levels:

USD/CAD, D1

Pivot: 1.3418

Analysis:

While the price is below 1.3700, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3418
• Take Profit 1: 1.3300
• Take Profit 2: 1.3100

Alternative scenario:

If the level 1.3700 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3700
• Take Profit 1: 1.3870
• Take Profit 2: 1.4015

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:

AUD/USD – buy above 0.7105 with 0.7160 and 0.7180 as Take Profit targets. Alternative scenario - if the level of 0.7105 is broken-down, you should consider selling with the targets 0.7085 and 0.7060 as Take Profit.
GBP/USD - long positions above 1.2800 with 1.2870 and 1.2900 targets as Take Profit. Alternative scenario - if the level of 1.2800 is broken-down, sell with the targets 1.2775 and 1.2750 as Take Profit.
EUR/USD - buy above 1.1655 with 1.1735 and 1.1760 targets as Take Profit. Alternative scenario - if the level 1.1655 is broken-down, sell with the TP 1.1630 and 1.1600.