GBP/CAD chart on Trading View used for analysis
- GBP/CAD has trimmed gains from fresh monthly highs at 1.7295.
- The pair is trading 0.51% lower on the day at 1.7166 at 1150 GMT.
- Price action has shown a break above 200-DMA and daily cloud.
- Technical indicators also support further upside. RSI above 50 and momentum bullish.
- The pair is trading in a rising channel pattern and we see scope for test of channel top at 1.7550.
- Major support is seen at 1.7089 (nearly converged 200-DMA and cloud top). Break below nagates near-term bullishness.
Support levels - 1.7110 (55-EMA), 1.7089 (nearly converged 200-DMA and cloud top)
Resistance levels - 1.7217 (110-W EMA), 1.7369 (Weekly upper BB), 1.7550 (channel top)
Recommendation: Stay long on dips, SL: 1.7080, TP: 1.7185/ 1.7215/ 1.7360
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
