FxWirePro Currency Strength Index for GBP/CAD: Bias Bearish
FxWirePro's Hourly GBP Spot Index was at -107.899 (Bearish)
FxWirePro's Hourly CAD Spot Index was at 143.907 (Bullish)
Technical Analysis: Bias Bearish
- Price has broken below 200-DMA
- Breach below major trendline support at 1.7120
- Price has slipped below major EMAs
- Momentum indicators support downside
- MACD well below zero and -ve DMI dominance support downside
Fundamental Factors:
- The Bank of Canada kept rates unchanged on Wednesday but the hawkish tinge put a bid under the Canadian dollar.
Support levels - 1.70, 1.6915 (Dec 6 low), 1.6822 (61.8% Fib)
Resistance levels - 1.7183 (200-DMA), 1.7207 (5-DMA), 1.7332 (May 28 high)
Recommendation: Good to stay short on upticks around 1.7135/45, SL: 1.7210, TP: 1.70/ 1.6915/ 1.6825
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