Source: PaxForex Premium Analytics Portal, Technical Insight
UK credit and money supply data published on Wednesday mostly came out weaker than expected, indicating a continued tightening of financial conditions. The unexpected exception was the number of approved mortgage applications.
GBP/CAD,D1
Pivot: 1.6691
Analysis:
While the price is above 1.6550, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6691
- Take Profit 1: 1.6900
- Take Profit 2: 1.7100
Alternative scenario:
If level 1.6550 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6550
- Take profit 1: 1.6400
- Take Profit 2: 1.6250
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7200 | 1.6550 |
| 1.7100 | 1.6400 |
| 1.6900 | 1.6250 |
