Source: PaxForex Premium Analytics Portal, Technical Insight
After a year in which the Bank of Canada raised its key overnight lending rate seven times in an attempt to slow down soaring inflation, most experts believe the Bank is set to take a breather in 2023.
EUR/CAD,D1
Pivot: 1.4438
Analysis:
As long as the price is above 1.4130 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4438
- Take Profit 1: 1.4500
- Take Profit 2: 1.4600
Alternative scenario:
If the level of 1.4130 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.4130
- Take profit 1: 1.3940
- Take Profit 2: 1.3740
Comment:
RSI indicates upside potential in the medium term.
Key levels:
| Resistance | Support |
| 1.4650 | 1.4130 |
| 1.4600 | 1.3940 |
| 1.4500 | 1.3740 |
