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:

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:

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.