Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada announced Wednesday its decision to raise the benchmark interest rate by 50 bps to 1.00% from 0.50%, as analysts expected.
EUR/CAD,D1
Pivot: 1.3697
Analysis:
As long as price is below 1.3900 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3697
- Take Profit 1: 1.3585
- 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 | 1.3585 |
| 1.4160 | 1.3500 |
| 1.3900 | 1.3450 |
