Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada (BoC) delivered another large rate hike, increasing its policy rate by 75 basis points to 3.25%. In addition, the BoC's accompanying comments were mildly hawkish on balance.
EUR/CAD,D1
Pivot: 1.3129
Analysis:
As long as the price is above 1.3000 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3129
- Take Profit 1: 1.3275
- Take Profit 2: 1.3390
Alternative scenario:
If the level of 1.3000 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3000
- Take profit 1: 1.2875
- Take Profit 2: 1.2750
Comment:
RSI indicates upnside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.3510 | 1.3000 |
| 1.3390 | 1.2875 |
| 1.3275 | 1.2750 |
