Source: PaxForex Premium Analytics Portal, Technical Insight
The Canadian dollar is reluctantly strengthening, despite the favorable fundamental background. Economists from Scotiabank expect that the Canadian dollar will definitely start to rise after the holidays.
GBP/CAD,D1
Pivot: 1.7137
Analysis:
While the price is above 1.6772, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7137
- Take Profit 1: 1.7250
- Take Profit 2: 1.7584
Alternative scenario:
If the level 1.6772 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6772
- Take profit 1: 1.6408
- Take Profit 2: 1.6192
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7802 | 1.6772 |
| 1.7584 | 1.6408 |
| 1.7250 | 1.6192 |
