Source: PaxForex Premium Analytics Portal, Technical Insight
There is no respite for Canadian consumers yet when it comes to inflationary pressures. The overall Consumer Price Index accelerated to 6.8% from 6.7% in the previous month and against the consensus forecast of 6.7%.
GBP/CAD,D1
Pivot: 1.5867
Analysis:
While the price is below 1.6100, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5867
- Take Profit 1: 1.5700
- Take Profit 2: 1.5550
Alternative scenario:
If the level 1.6100 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6100
- Take profit 1: 1.6300
- Take Profit 2: 1.6510
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6510 | 1.5700 |
| 1.6300 | 1.5550 |
| 1.6100 | 1.5500 |
