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- GBP/CAD has formed a temporary top around 1.71653 and shown a huge decline from that level. The pair dipped till 1.65894 and is currently trading around 1.68480.
- The near term resistance is around 1.68520 (trend line joining 1.6835 and 1.68510) and any break above confirms minor bullishness a jump till 1.6900/1.6940 (61.8% retracement of 1.71653 and 1.65894)/1.6985 (161.8% retracement of 1.6835 and 1.65894).
- In the 4 hour chart, the pair is trading above short –term (50 and 20 day) and long –term MA (100 and 233 MA).
- On the lower side, near term support is around 1.6750 (55- 4H EMA) and any violation below will drag the pair to next level till 1.6672 (233- 4H MA)/1.65894. Minor weakness below 1.6585 (Nov 13th 2017 low).
It is good to buy above 1.68520 with SL around 1.6800 for the TP of 1.6940/1.6985.
