Source: PaxForex Premium Analytics Portal, Technical Insight
The expectation that the Bank of Canada (BoC) will raise its key rate by another 50 bps has been largely built into prices. Commerzbank economists expect the Loonie to be unimpressed by the central bank's decision.
EUR/CAD,D1
Pivot: 1.3709
Analysis:
As long as price is above 1.3440 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3511
- Take Profit 1: 1.3600
- Take Profit 2: 1.3770
Alternative scenario:
If the level of 1.3440 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3440
- Take profit 1: 1.3385
- Take Profit 2: 1.3300
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.3850 | 1.3440 |
| 1.3770 | 1.3385 |
| 1.3600 | 1.3300 |
