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 115.765 (Bullish)
FxWirePro's Hourly CAD Spot Index was at -146.638 (Bearish)
Technical Analysis: Bias Bullish
- Price action has broken above 21-EMA, tests 1.70 mark
- 5-DMA has turned north, the pair has broken into daily cloud
- MACD is on verge of bullish crossover on signal line
- Stochs have rolled over from oversold levels and RSI biased higher
Fundamental View:
- Crude oil has declined more than $2 from high of $76.88 made on Oct 3rd 2018 as Saudi and Russia agree on output rise.
- Focus on Brexit developments, with the EU set to be handing down an alternative trade deal for the UK this Wednesday.
Support levels - 1.6909 (21-EMA), 1.6838 (cloud base), 1.6805 (5-DMA)
Resistance levels - 1.6978 (55-EMA), 1.7024 (23.6% Fib), 1.7104 (110-EMA)
Recommendation: Stay long on close above 55-EMA, SL: 1.69, TP: 1.7024/ 1.71
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
