The pressure factor for the pair was the retreat of the US dollar. Previously, the U.S. published some predictably weak reports: on GDP, orders for durable goods, initial jobless claims. Now the US dollar index is trading at 98.78, down 0.17%. Canada published 1Q current account data, which reflected the deficit growth to 411.1bn.
USD/CAD, 30 min
Pivot: 1.3770
Analysis:
Provided that the currency pair is traded above 1.3740, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3770
- Take Profit 1: 1.3795
- Take Profit 2: 1.3825
Alternative scenario:
In case of breakdown of the level 1.3740, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3740
- Take Profit 1: 1.3720
- Take Profit 2: 1.3700
Comment:
Possible correction during the day is not excluded.
Key levels:
Resistance | Support |
1.3845 | 1.3740 |
1.3825 | 1.3720 |
1.3795 | 1.3700 |
USD/CAD, D1
Pivot: 1.3746
Analysis:
While the price is below 1.4110, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3746
- Take Profit 1: 1.3620
- Take Profit 2: 1.3435
Alternative scenario:
If the level 1.4110 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4110
- Take Profit 1: 1.4265
- Take Profit 2: 1.4430
Comment:
RSI indicates that the downward trend is continuing.
Key levels:
Resistance | Support |
1.4340 | 1.3620 |
1.4265 | 1.3435 |
1.4110 | 1.3380 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – buy above 0.6615 with 0.6665 and 0.6680 as Take Profit targets. Alternative scenario - if the level of 0.6615 is broken-down, you should consider selling with the targets 0.6600 and 0.6585 as Take Profit.
GBP/USD - long positions above 1.2305 with 1.2365 and 1.2395 targets as Take Profit. Alternative scenario - if the level of 1.2305 is broken-down, sell with the targets 1.2285 and 1.2250 as Take Profit.
EUR/USD - buy above 1.1065 with 1.1120 and 1.1150 targets as Take Profit. Alternative scenario - if the level 1.1065 is broken-down, sell with the TP 1.1040 and 1.1010.