Source: PaxForex Premium Analytics Portal, Technical Insight
Canada's overall consumer price index (CPI) rose an annualized 5.1% in January, above economists' average forecasts of 4.8% and a December gain of 4.8% y/y, according to data released by Statistics Canada on Wednesday.
GBP/CAD,D1
Pivot: 1.7263
Analysis:
While the price is above 1.6772, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7263
- Take Profit 1: 1.7430
- Take Profit 2: 1.7553
Alternative scenario:
If the level 1.7022 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7022
- Take profit 1: 1.6777
- Take Profit 2: 1.6630
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7802 | 1.7022 |
| 1.7553 | 1.6777 |
| 1.7430 | 1.6630 |
