GBP/CAD chart on Trading View used for analysis
- GBP/CAD is retracing from upper BB and turn in 5-DMA has raised scope for further weakness.
- Recovery in the pair was rejected at session highs at 1.7379.
- The pair is holding support at 1H 200 SMA at 1.7326, break below will see further weakness.
- Stochs are at overbought and on verge of a bearish rollover. RSI is also turning south.
- Next major support lies at 200-DMA at 1.7122 ahead of 61.8% Fib at 1.7051.
- On the flipside, 5-DMA is immediate resistance at 1.7396. Break above could see further upside.
Support levels - 1.7326 (1H 200 SMA), 1.7234 (38.2% Fib), 1.7122 (200-DMA)
Resistance levels - 1.7396 (5-DMA), 1.7424 (1h Upper BB), 1.7526 (Jan 25 high)
Recommendation: Watch out break below 1H 200 SMA to go short.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
