Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of Canada may have room to hold interest rates at its next March meeting after one of the key inflation indicators it tracks showed some relief in January.
GBP/CAD,D1
Pivot: 1.6315
Analysis:
While the price is above 1.6100, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6315
- 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 |
