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 103.624 (Bullish)
FxWirePro's Hourly CAD Spot Index was at -115.124 (Bearish)

Technical Analysis: Bias Bullish
- Price action has broken above 110-EMA and daily cloud
- Momentum studies are bullish, Stochs are sharply higher
- RSI above 50, bias is higher
- MACD shows bullish crossover on signal line

Support levels - 1.7065 (110-EMA), 1.7024 (23.6% Fib), 1.6917 (cloud base)
Resistance levels - 1.72, 1.7285 (Oct 11 high), 1.7290 (38.2% Fib)

Recommendation: Good to go long on dips, SL: 1.7020, TP: 1.72/ 1.7260/ 1.7290

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