Source: PaxForex Premium Analytics Portal, Technical Insight
According to Statistics Canada, in the second quarter, the country's economy suffered the sharpest recession in the history of observation due to the COVID-19 pandemic. According to the agency, the real gross domestic product fell 38.7 percent year on year in three months. Economists at Refinitiv expected an even greater 39.6 percent year-over-year decline.
USD/CAD, 30 min
Pivot: 1.3086
Analysis:
Provided that the currency pair is traded below 1.3125, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3086
- Take Profit 1: 1.3045
- Take Profit 2: 1.3015
Alternative scenario:
In case of breakout of the level 1.3125, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3125
- Take Profit 1: 1.3160
- Take Profit 2: 1.3190
Comment:
RSI shows the possibility of a descending momentum during the day.
Key levels:
Resistance | Support |
1.3190 | 1.3045 |
1.3160 | 1.3015 |
1.3125 | 1.2985 |
USD/CAD, D1
Pivot: 1.3175
Analysis:
While the price is below 1.3320 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3090
- Take Profit 1: 1.2950
- Take Profit 2: 1.2790
Alternative scenario:
If the level 1.3320 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3320
- Take Profit 1: 1.3500
- Take Profit 2: 1.3720
Comment:
RSI indicates that the downtrend continues in the medium term.
Key levels:
Resistance | Support |
1.3720 | 1.2950 |
1.3500 | 1.2790 |
1.3320 | 1.2550 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.1880 with 1.1930 and 1.1950 targets as Take Profit. Alternative scenario - if the level 1.1880 is broken-down, sell with the TP 1.1865 and 1.1835.
GBP/USD - long positions above 1.3315 with 1.3370 and 1.3415 targets as Take Profit. Alternative scenario - if the level of 1.3315 is broken-down, sell with the targets 1.3260 and 1.3220 as Take Profit.
NZD/USD – buy above 0.6713 with 0.6767 and 0.6782 as Take Profit targets. Alternative scenario - if the level of 0.6713 is broken-down, you should consider selling with the targets 0.6689 and 0.6675 as Take Profit.