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 149.363 (Bullish)
FxWirePro's Hourly CAD Spot Index was at -132.52 (Bearish)
Technical Analysis: Bias Bullish
- Price action has broken above 21-EMA and 23.6% Fib
- Extends gains above 23.6% Fib, hits 3-week highs at 1.7057
- 5-DMA has turned north, the pair has broken into daily cloud
- MACD shows a bullish crossover on signal line
- Stochs show bullish momentum, RSI above 50 levels and biased higher
Support levels - 1.7024 (23.6% Fib), 1.6958 (20-DMA), 1.6838 (cloud base)
Resistance levels - 1.7102 (110-EMA), 1.7143 (cloud top), 1.72
Recommendation: Stay long on dips, SL: 1.6960, TP: 1.71/ 1.7125/ 1.72
