GBP/CAD chart - Trading View
Technical Analysis: Bias turning bearish
- GBP/CAD was trading 0.12% higher on the day at 1.7241 at around 13:00 GMT
- Price action was consolidating break below 200-DMA
- Gravestone Doji formation on the previous week's candle dents upside
- Oscillators are bearishly aligned, Stochs and RSI are biased lower and RSI is below the 50 mark
- MACD is on verge of bearish crossover on signal line, 5-DMA has confirmed a bearish crossover on 20-DMA
- -ve DMI dominance adds to the bearish bias
Support levels - 1.7205 (Triangle base), 1.7199 (110W EMA), 1.7091 (200W MA)
Resistance levels - 1.7292 (5-DMA), 1.7304 (200-DMA), 1.7356 (200H MA)
Summary: GBP/CAD is currently holding support at Symmetric Triangle base at 1.7205. Breach below will drag prices lower. Scope for test of 200W MA at 1.7091.
