Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada (BoC) is set to raise interest rates for the third consecutive meeting. ING economists are expecting 50bp from the BoC today, but a 75bp increase is possible.
GBP/CAD,D1
Pivot: 1.5827
Analysis:
While the price is below 1.5950, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5827
- Take Profit 1: 1.5700
- Take Profit 2: 1.5600
Alternative scenario:
If the level 1.5950 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5950
- Take profit 1: 1.6200
- Take Profit 2: 1.6300
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6300 | 1.5700 |
| 1.6200 | 1.5600 |
| 1.5955 | 1.5500 |
