- GBP/CAD opened with a bearish gap, but has since managed to recover higher.
- The pair failed to hold break at major trendline resistance at 1.7625, we see further upside only on break above.
- Price action has slipped below 5-DMA which is now immediate resistance at 1.7464.
- Break above 100W SMA keeps scope for upside. Technical studies on weekly charts are still bullish.
- Break above major trendline resistance at 1.7625 raises scope for test of 200W SMA at 1.8054.
- On the flipside, retrace and close below 100W SMA invalidates bullish bias.
Support levels - 1.7375 (1H 200-SMA), 1.7222 (5W SMA), 1.7157 (20-DMA), 1.7110 (50-DMA)
Resistance levels - 1.7464 (5-DMA), 1.7465 (Nov 2017 highs), 1.7525 (Sept 2016 high), 1.7736 (38.2% Fib retrace of 2.09720 to 1.57361 fall)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-GBP-CAD-shows-decisive-break-above-100W-SMA-good-to-go-long-on-dips-1107532) hit TP1/2/3.
Recommendation: Watch out for break below 1H 200-SMA at 1.7375 for more weakness.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
