FxWirePro: GBP/CAD holds above 200-DMA, intraday bias bullish

GBP/CAD chart on Trading View used for analysis

• GBP/CAD edges higher, extends break above 200-DMA, bias higher.
   
• The pound sterling buoyed after better-than-expected UK labour market figures.
   
• Monthly report on the UK labour market showed that Claimant Count Change rose by 20.8K in December.
   
• The key Average Earnings including Bonus rose 3.4% in November and the jobless rate ticked lower to 4.0% during the same period.
   
• GBP/CAD trades 0.39% higher at 1.72 at 1120 GMT, upside intact as long as pair holds 200-DMA support.
   
• Technical studies are bullish, scope for test of 50% Fib at 1.75.

Recommendation: Good to stay long on dips, SL: 1.7034, TP: 1.7290/ 1.7380/ 1.75

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