Source: PaxForex Premium Analytics Portal, Technical Insight
On Wednesday, the Bank of Canada (BOC) announced a 0.50% rate hike and weighed on the USD/CAD prices. However, the tone of the Rate Statement appeared dovish and challenged the Canadian Dollar (CAD) buyers.
EUR/CAD,D1
Pivot: 1.4358
Analysis:
As long as the price is above 1.4130 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4358
- Take Profit 1: 1.4400
- Take Profit 2: 1.4600
Alternative scenario:
If the level of 1.4130 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4130
- Take profit 1: 1.3940
- Take Profit 2: 1.3740
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.4650 | 1.4130 |
| 1.4600 | 1.3940 |
| 1.4400 | 1.3740 |
