Source: PaxForex Premium Analytics Portal, Technical Insight
BoC offered the first hint it is at least starting to contemplate where the monetary tightening cycle might end, saying it will be assessing how much higher interest rates need to go to return inflation to target.
GBP/CAD,D1
Pivot: 1.5125
Analysis:
While the price is below 1.5500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5125
- Take Profit 1: 1.5000
- Take Profit 2: 1.4900
Alternative scenario:
If level 1.5500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5500
- Take profit 1: 1.5650
- Take Profit 2: 1.5810
Comment:
RSI shows the possibility of a downtrend in the medium term
Key levels:
| Resistance | Support |
| 1.5810 | 1.5000 |
| 1.5650 | 1.4900 |
| 1.5500 | 1.4800 |
