GBP/CAD recovers intraday losses, back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/CAD cross maintained the negative tone this Monday, but ended the pay pretty much flat around 1.8940, having trimmed early losses by the end of the US session.

    The Canadian dollar posted modest intraday gains against most of its major rivals, despite oil soared to fresh year-highs. Brent surged above $40.00 a barrel during London trading hours, whilst WTI futures traded as high as $ 38.08, before retreating a handful of cents. The Pound broke higher on relief news surrounding the Brexit referendum, resulting in a neutral GBP/CAD.

    GBP/CAD technical perspective

    “Technically, the 1 hour chart shows that the price is few pips above a flat 20 SMA, while the technical indicators stand directionless around their mid-lines,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical bias is neutral-to-bearish, with the price stuck around its 20 SMA, and the technical indicators heading slightly lower around their mid-lines.”

    Support levels: 1.8900 1.8850 1.8805. Resistance levels: 1.9020 1.9080 1.9130.
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