Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of Canada (BoC) said at a recent meeting that an additional rate hike cannot be ruled out. However, the markets anticipate that the odds of another rate hike have decreased, and investors widely expect its next move will be to cut interest rates sometime next year.
EUR/CAD,D1
Pivot: 1.4669
Analysis:
As long as the price is below 1.4800 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4669
- Take Profit 1: 1.4600
- Take Profit 2: 1.4500
Alternative scenario:
If the level of 1.4800 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4800
- Take profit 1: 1.4900
- Take Profit 2: 1.5000
Comment:
RSI indicates downside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.5000 | 1.4600 |
| 1.4900 | 1.4500 |
| 1.4800 | 1.4400 |
