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The portion of the UK inflation data showed that the problem is in no hurry to recede. The consumer price index returned to 10.1% y/y, changing hopes that the trend had already reversed. The retail price index is climbing further upwards, reaching 12.6%. The contribution of food to inflation has already exceeded the impact of transport costs.
Our Analysis:
While the price is above 1.5200, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1.5443
Take Profit 1: 1.5565
Take Profit 2: 1.5785
Alternative scenario:
If level 1.5200 is broken-down, follow the recommendations below:
The Bank of Canada has raised interest rates incredibly fast by 300bps since March and perhaps the latest softening in inflation data could be a product of its aggressive tightening. However, despite the fast pace and size of monetary tightening, the impact on inflation has been negligible so far and the BoC’s 1-3% target remains some distance away, raising fears of an entrenched inflation phenomenon.
Our Analysis:
As long as the price is above 1.3340 follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1.3450
Take Profit 1: 1.3570
Take Profit 2: 1.3715
Alternative scenario:
If the level of 1.3340 is broken-down, follow the recommendations below:
Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.
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