Source: PaxForex Premium Analytics Portal, Technical Insight
The Senate passed a law extending the federal government's emergency wage subsidy to employers severely affected by the COVID-19 pandemic. The package was handed over by the House of Commons last week. It also includes lump-sum payments to people with disabilities, who have had to face higher costs.
USD/CAD, 30 min
Pivot: 1.3420
Analysis:
Provided that the currency pair is traded below 1.3450, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3420
- Take Profit 1: 1.3405
- Take Profit 2: 1.3380
Alternative scenario:
In case of breakout of the level 1.3450, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3450
- Take Profit 1: 1.3475
- Take Profit 2: 1.3495
Comment:
RSI shows the possibility of an descending momentum during the day.
Key levels:
Resistance | Support |
1.3495 | 1.3405 |
1.3475 | 1.3380 |
1.3450 | 1.3350 |
USD/CAD, D1
Pivot: 1.3362
Analysis:
While the price is below 1.3720, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3362
- Take Profit 1: 1.3300
- Take Profit 2: 1.3100
Alternative scenario:
If the level 1.3720 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3720
- Take Profit 1: 1.3870
- Take Profit 2: 1.4015
Comment:
RSI indicates that the downtrend continues in the medium term.
Key levels:
Resistance | Support |
1.4015 | 1.3300 |
1.3870 | 1.3100 |
1.3720 | 1.2950 |
We also advise you to pay attention to the following currency pairs for intraday trading:
AUD/USD – buy above 0.7180 with 0.7245 and 0.7270 as Take Profit targets. Alternative scenario - if the level of 0.7180 is broken-down, you should consider selling with the targets 0.7160 and 0.7140 as Take Profit.
GBP/USD - long positions above 1.3075 with 1.3180 and 1.3220 targets as Take Profit. Alternative scenario - if the level of 1.3075 is broken-down, sell with the targets 1.3020 and 1.2975 as Take Profit.
EUR/USD - buy above 1.1840 with 1.1925 and 1.1950 targets as Take Profit. Alternative scenario - if the level 1.1840 is broken-down, sell with the TP 1.1805 and 1.1770.