FxWirePro's Hourly Currency Strength Index for GBP/CAD at 0900 GMT: Bullish
FxWirePro's Hourly Currency Strength Index for GBP: 124.354 (Bullish)
FxWirePro's Hourly Currency Strength Index for CAD: -83.9423 (Bearish)
Technical Analysis:
- Technical studies on weekly charts highly bullish
- Price action has broken above major trendline resistance and 100W SMA
- Bias bullish on daily charts. ADX supports uptrend
- Price action above cloud and major moving averages
Support levels - 1.7275 (100W SMA), 1.72, 1.7179 (5-DMA)
Resistance levels - 1.7432 (cloud top), 1.7546 (Aug 2016 high), 1.7853 (May 2017 high)
Recommendation: Good to go long on dips, SL: 1.7250, TP: 1.7430/ 1.7540/ 1.76
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