Source: PaxForex Premium Analytics Portal, Technical Insight
"We expect the Bank of Canada to raise the overnight key rate by 75 bps at its meeting in September and again by 25 bps in October," writes Andrew Kelvin, chief Canadian strategist at TD Securities (TDS).
EUR/CAD,D1
Pivot: 1.3098
Analysis:
As long as the price is below 1.3260 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3098
- Take Profit 1: 1.2975
- Take Profit 2: 1.2850
Alternative scenario:
If the level of 1.3260 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3260
- Take profit 1: 1.3390
- Take Profit 2: 1.3510
Comment:
RSI indicates downside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.3510 | 1.2975 |
| 1.3390 | 1.2850 |
| 1.3260 | 1.2750 |
