Source: PaxForex Premium Analytics Portal, Technical Insight
The market is increasingly betting that the Bank of Canada (BoC) will raise its key rate by 50 bps at the next meeting. Expectations for a rate hike were probably triggered by the publication of the Bank of Canada's Business Outlook Survey.
EUR/CAD,D1
Pivot: 1.3705
Analysis:
As long as price is below 1.3900 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3705
- Take Profit 1: 1.3650
- Take Profit 2: 1.3500
Alternative scenario:
If the level of 1.3900 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3900
- Take profit 1: 1.4160
- Take Profit 2: 1.4450
Comment:
RSI indicates downside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.4450 | 1.3650 |
| 1.4160 | 1.3500 |
| 1.3900 | 1.3450 |
