Source: PaxForex Premium Analytics Portal, Technical Insight

The UK's April CPI data surprised to the upside, with headline inflation and energy prices receding less than expected.

GBP/CAD,D1

Pivot: 1.6794

Analysis:

While the price is above 1.6650, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.6794
• Take Profit 1: 1.7150
• Take Profit 2: 1.7400

Alternative scenario:

If level 1.6650 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.6650
• Take profit 1: 1.6410
• Take Profit 2: 1.6245

Comment:

RSI shows the possibility of an uptrend in the medium term.

Key levels: