Source: PaxForex Premium Analytics Portal, Technical Insight
Loonie struggles under the weight of a dovish Bank of Canada (BoC) that is still extremely cautious on rate cuts with Canadian inflation not expected to return to the BoC’s 2% target until 2025.
Pivot: 1.7201
Analysis:
While the price is above 1.7000, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7201
- Take Profit 1: 1.7300
- Take Profit 2: 1.7400
Alternative scenario:
If level 1.7000 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7000
- Take profit 1: 1.6900
- Take Profit 2: 1.6800
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7500 | 1.7000 |
| 1.7400 | 1.6900 |
| 1.7300 | 1.6800 |
