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GBP/CAD ends the day higher after sharp intraday swings

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The GBP/CAD cross ended the day up 0.71% at 2.0220, having erased most of its Wednesday's losses after posting some sharp intraday moves, tracking oil prices.

    Despite oil posted a solid advance, the Canadian dollar was unable to sustain gains during the American session.

    GBP/CAD technical view

    “The recovery in the cross met selling interest around the 61.8% retracement of its latest daily advance, and the fact that the price was unable to extend beyond it, suggests that further slides are yet to be seen”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is now trying to break below a flat 20 SMA, while the technical indicators have bounced from oversold levels, but lost upward steam below their mid-lines and seem ready to resume their declines, in line with the shorter term perspective.”

    Support levels: 2.0140 2.0080 2.0035. Resistance levels: 2.0270 2.0345 2.0395.
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