Source: PaxForex Premium Analytics Portal, Technical Insight
The ECB is set to increase its benchmark policy rate by another 25 basis points when it meets Thursday and is expected to say that future rate decisions will be data-dependent as uncertainty weighs on the inflation and growth outlook.
EUR/CAD,D1
Pivot: 1.4428
Analysis:
As long as the price is below 1.4600 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4428
- Take Profit 1: 1.4300
- Take Profit 2: 1.4200
Alternative scenario:
If the level of 1.4600 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4600
- Take profit 1: 1.4850
- Take Profit 2: 1.4935
Comment:
RSI indicates downside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.4935 | 1.4300 |
| 1.4850 | 1.4200 |
| 1.4600 | 1.4100 |
