Source: PaxForex Premium Analytics Portal, Technical Insight
Investors are increasingly concerned that Canada's federal election could lead to a stalemate that hinders Ottawa's response to the COVID-19 pandemic and further slows the recovery from the crisis.
GBP/CAD,D1
Pivot: 1.7476
Analysis:
While the price is above 1.7158, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7476
- Take Profit 1: 1.7641
- Take Profit 2: 1.7777
Alternative scenario:
If the level 1.7158 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7158
- Take profit 1: 1.6931
- Take Profit 2: 1.6796
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7912 | 1.7158 |
| 1.7777 | 1.6931 |
| 1.7641 | 1.6796 |
