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GBP/CAD takes support near trend line at 2.020, targets 2.050

  • GBP/CAD has taken support near trend line 2.023 (trend line joining 1.9480 and 2.002) and recovered from that level. It is currently trading around 2.0325.

  • Canadian dollar is trading weak against all major pairs with sudden sell off in crude oil due to unexpected build up in US gasoline stocks and decreasing demand from China.

  • Technically the pair is facing strong support around 2.020 and any break below will drag the apir further down till 2.00/1.9795.

  • On the upside minor resistance is around 2.03770 and any indicative break above targets 2.0426/2.0520 in short term.

It is good to buy at dips around 2.030 with SL around 2.020 for the TP of 2.425/2.0520

 

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