Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada's Summary of Deliberations from the April 12th meeting when it kept interest rate unchanged, showed they discussed hiking rates. The document notes that inflation was declining in line with BoC Governing Council estimates. Officials agreed that expectations for rate cuts later in 2023 are not the most likely scenario.
EUR/CAD,D1
Pivot: 1.5060
Analysis:
As long as the price is above 1.4930 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5060
- Take Profit 1: 1.5100
- Take Profit 2: 1.5250
Alternative scenario:
If the level of 1.4930 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4930
- Take profit 1: 1.4800
- Take Profit 2: 1.4680
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.5300 | 1.4930 |
| 1.5250 | 1.4800 |
| 1.5100 | 1.4680 |
