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GBP/CAD extends gains into a fourth day

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The GBP/CAD cross extended its advance further this Thursday, rallying up to 2.0676 in the American afternoon, as oil prices fell to fresh 7-year lows.

    GBP/CAD staged a sharp comeback from a daily low of 2.0469 reached on a dovish outcome from the latest BoE meeting, and turned positive for the day. At time of writing, the pair is trading at 2.0650, recording a 0.21% daily gain, the fourth in a row.

    GBP/CAD technical view

    “The bullish stance prevails, as in the 1 hour chart, the price is above its 20 SMA, whilst the technical indicators remain well above their mid-lines, albeit lacking directional strength”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators have lost their upward strength, but hold in extreme overbought levels, while the 20 SMA retains a strong upward slope below the current level, in line with the dominant upward strength.”

    Support levels: 2.0585 2.0530 2.0480. Resistance levels: 2.0650 2.0710 2.0755.
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