Source: PaxForex Premium Analytics Portal, Technical Insight
Canada's economy returned to growth as consumers began visiting restaurants and entertainment venues again, increasing spending on this service sector. According to Statistics Canada, gross domestic product rose 0.7% in August, following a 0.1% decline in July.
GBP/CAD,D1
Pivot: 1.7099
Analysis:
While the price is below 1.7489, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7099
- Take Profit 1: 1.6993
- Take Profit 2: 1.6854
Alternative scenario:
If the level 1.7489 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7489
- Take profit 1: 1.7721
- Take Profit 2: 1.7860
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7860 | 1.6993 |
| 1.7721 | 1.6854 |
| 1.7489 | 1.6716 |
