Source: PaxForex Premium Analytics Portal, Technical Insight
With inflation still elevated, experts still expect the Bank of Canada of raise its policy rate by 25 basis points to 4.50% at its late January meeting. However, as long as core inflation begins to slow perceptibly in the months ahead, we all should anticipate that this rate hike will be the last of the current tightening cycle.
EUR/CAD,D1
Pivot: 1.4457
Analysis:
As long as the price is above 1.4130 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4457
- Take Profit 1: 1.4500
- 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 |
| 1.4500 | 1.3740 |
