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GBP/CAD continues to search for direction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The GBP/CAD cross closed with a doji for a second day in a row, having traded within Monday's range in another lackluster session.

    Crude oil prices gave back its early week gains, but the Canadian dollar showed resilience to the commodity's weakness. The US will release its API crude report after Wall Street’s close, which may result in some wild moves in Canadian dollar crosses, particularly if stockpiles continue to increase.

    GBP/CAD: short-term picture still bearish

    “Short term, the technical picture is still bearish, as the price seesaw around a horizontal 20 SMA, while the technical indicators turned south after a soft advance into positive territory”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price stands a few pips above a mild bullish 20 SMA, currently around 2.0245, while the technical indicators present a limited bearish strength around their mid-lines”.

    Support levels: 2.0220 2.0175 2.0120. Resistance levels: 2.0285 2.0325 2.0370.
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