Source: PaxForex Premium Analytics Portal, Technical Insight
The Canadian dollar was under pressure even as the Governor of the Bank of Canada (BoC) signaled further rate hikes.
GBP/CAD,D1
Pivot: 1.6070
Analysis:
While the price is below 1.6320, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6070
- Take Profit 1: 1.6000
- Take Profit 2: 1.5900
Alternative scenario:
If the level 1.6320 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6320
- Take profit 1: 1.6510
- Take Profit 2: 1.6705
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6705 | 1.6000 |
| 1.6510 | 1.5900 |
| 1.6320 | 1.5800 |
