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:

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:

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.