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GBP/CAD back above 2.0200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Crude oil prices continued setting the tone for the GBP/CAD cross that advanced up to a daily high of 2.0292 as the commodity fell back towards the $30.00 region. In fact, WTI crude oil is setting fresh daily lows around $29.80 a barrel ahead of Wall Street's close, underpinning the cross.

    GBP/CAD technical perspective

    “Technically, the daily rally stalled around the 61.8% retracement of its latest daily decline at 2.0285, but in the 1 hour chart, the technical indicators have recovered their bullish strength well above their mid-lines, while early dips met buying interest around a bullish 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “in the 4 hours chart, the Momentum indicator heads sharply higher, the RSI also aims north around 59, while the price is above a flat 20 SMA, all of which supports further gains, particularly on a break above the mentioned daily high”.

    Support levels: 2.0105 2.0050 1.9990. Resistance levels: 2.0290 2.0340 2.0385.
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