Source: PaxForex Premium Analytics Portal, Technical Insight
Although the Bank of Canada (BoC) may accelerate rate hikes in the coming months, this is unlikely to lift the CAD, economists at Commerzbank report.
GBP/CAD,D1
Pivot: 1.5986
Analysis:
While the price is below 1.6320, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5986
- Take Profit 1: 1.5900
- Take Profit 2: 1.5800
Alternative scenario:
If the level 1.6320 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6320
- Take profit 1: 1.6510
- Take Profit 2: 1.6705
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6705 | 1.5900 |
| 1.6510 | 1.5800 |
| 1.6320 | 1.5700 |
