Source: PaxForex Premium Analytics Portal, Technical Insight
In a press conference following the Bank of Canada's monetary policy meeting, Governor Tiff Macklem said that the central bank is prepared to act as decisively as necessary to fight inflation and took an important step in that fight on Wednesday.
GBP/CAD,D1
Pivot: 1.6489
Analysis:
While the price is below 1.6720, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6489
- Take Profit 1: 1.6300
- Take Profit 2: 1.6200
Alternative scenario:
If the level 1.6720 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6720
- Take profit 1: 1.6870
- Take Profit 2: 1.7000
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7000 | 1.6300 |
| 1.6870 | 1.6200 |
| 1.6720 | 1.6150 |
