Source: PaxForex Premium Analytics Portal, Technical Insight
Canada: unexpected rise in inflation could lead to another 50bp rate hike - CIBC.
GBP/CAD,D1
Pivot: 1.6315
Analysis:
While the price is below 1.6500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6315
- Take Profit 1: 1.6200
- Take Profit 2: 1.6100
Alternative scenario:
If the level 1.6500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6500
- Take profit 1: 1.6670
- Take Profit 2: 1.6870
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6870 | 1.6200 |
| 1.6670 | 1.6100 |
| 1.6500 | 1.6050 |
