Source: PaxForex Premium Analytics Portal, Technical Insight

After the decline, the USD/CAD pair resumed its growth, as the Canadian dollar got under the pressure of oil prices by 8%. As a result, the price broke through the 55 EMA and targeted the 200 SMA, which might be difficult to breakthrough. The RSI reached the overbought area, which might suggest a pullback. The MACD indicator has entered the green zone, which is a bullish signal. In general, the trend change looks possible. The formation of rising highs and lows is not yet complete, so it would be a good idea to see confirmation of completion.

USD/CAD, 30 min

Pivot: 1.3610

Analysis:

Provided that the currency pair is traded above 1.3565, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.3610
• Take Profit 1: 1.3665
• Take Profit 2: 1.3700

Alternative scenario: 

In case of breakdown of the level 1.3565, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.3565
• Take Profit 1: 1.3500
• Take Profit 2: 1.3445

Comment:

RSI shows further downtrend development.

Key levels:

USD/CAD, D1

Pivot: 1.3515

Analysis:

While the price is below 1.3850, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3515
• Take Profit 1: 1.3200
• Take Profit 2: 1.2950

Alternative scenario:

If the level 1.3850 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3850
• Take Profit 1: 1.4110
• Take Profit 2: 1.4265

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 intra-day trading:

AUD/USD – sell below 0.6855 with 0.6795 and 0.6745 as Take Profit targets. Alternative scenario - if the level of 0.6855 is broken-out, you should consider buying with the targets 0.6895 and 0.6930 as Take Profit.
GBP/USD - short positions below 1.2605 with 1.2545 and 1.2515 targets as Take Profit. Alternative scenario - if the level of 1.2605 is broken-out, buy with the targets 1.2645 and 1.2615 as Take Profit.
EUR/USD - sell below 1.1315 with 1.1275 and 1.1260 targets as Take Profit. Alternative scenario - if the level 1.1315 is broken-out, buy with the TP 1.1350 and 1.1260.