FxWirePro: GBP/CAD Trade Idea

GBP/CAD chart on Trading View used for analysis

FxWirePro Currency Strength Index for GBP/CAD: Bias Bullish
FxWirePro's Hourly GBP Spot Index was at 84.499 (Bullish)
FxWirePro's Hourly CAD Spot Index was at -97.0678 (Bearish)

Technical Analysis: Bias Bullish
- Stochs and RSI are biased sharply higher
- MACD supports upside
- Bullish 5-DMA crossover on 20-DMA
- Bollinger Bands are widening
- Pair has broken above 55-EMA at 1.7023

Support levels - 1.6945 (5-DMA), 1.6872 (21-EMA), 1.6788 (20-DMA)
Resistance levels - 1.7179 (110-EMA), 1.7265 (trendline), 1.7290 (38.2% Fib), 1.7390 (200-DMA)

Recommendation: Stay long on close above 23.6% Fib at 1.7025, SL: 1.6940, TP: 1.7175/ 1.72/ 1.7265

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.