Source: PaxForex Premium Analytics Portal, Technical Insight

As reported by the President of the Chicago Federal Reserve Bank C. Evans:

•  In the event of further deterioration in the economy, the Fed will be ready to do more to support it;

•  I would be surprised if the Fed increased its rates to 2023, even if the rate of recovery was stronger than projected;

• The regulator should not try to calibrate the excess inflation of the target level;

• Base inflation should be accelerated to 2.5%;

• The US economy needs more fiscal support.

 USD/CAD, 30 min

Pivot: 1.3009

Analysis:

Provided that the currency pair is traded below 1.3025, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3009
• Take Profit 1: 1.2985
• Take Profit 2: 1.2970

Alternative scenario: 

In case of breakout of the level 1.3025, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3025
• Take Profit 1: 1.3040
• Take Profit 2: 1.3055

Comment:

RSI shows the possibility of a downtrend during the day.

Key levels:

USD/CAD, D1

Pivot: 1.3006

Analysis:

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

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3006
• Take Profit 1: 1.2920
• 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 1.1905 with 1.1955 and 1.1970 targets as Take Profit. Alternative scenario - if the level 1.1905 is broken-down, sell with the TP 1.1885 and 1.1870.
GBP/USD - long positions above 1.3345 with 1.3400 and 1.3420 targets as Take Profit. Alternative scenario - if the level of 1.3345 is broken-down, sell with the targets 1.3320 and 1.3300 as Take Profit.
AUD/USD – buy above 0.7350 with 0.7410 and 0.7425 as Take Profit targets. Alternative scenario - if the level of 0.7350 is broken-down, you should consider selling with the targets 0.7335 and 0.7320 as Take Profit.