Source: PaxForex Premium Analytics Portal, Technical Insight
The UK’s rate of consumer price inflation remains one of the fastest in the developed world, although January's figures were softer than expected. CPI fell by 0.6% last month, against expectations of a 0.4% drop. The weaker-than-expected data put downward pressure on the Pound, as it eased some pressure on the Bank of England to raise interest rates.
GBP/CAD,D1
Pivot: 1.6110
Analysis:
While the price is above 1.6100, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6110
- Take Profit 1: 1.6385
- Take Profit 2: 1.6550
Alternative scenario:
If level 1.6100 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6100
- Take profit 1: 1.5980
- Take Profit 2: 1.5820
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6700 | 1.6100 |
| 1.6550 | 1.5980 |
| 1.6385 | 1.5820 |
