GBP/CAD rises for second day in a row

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Pound's strength continued leading the way for the GBP/CAD cross, which closed higher for second day in-a-row. The GBP/CAD reached 1.9019 before retreating slightly, but holds onto a gain of 0.69% by the end of the day, near the 1.9000 level.

    In the meantime the USD/CAD closed with a doji for a second straight day, as crude oil stabilized, stalling its recovery on overwhelmingly high build in US crude stockpiles.

    GBP/CAD technical perspective

    “From a technical point of view, the 1 hour chart favors the upside, as the price has held above a bullish 20 SMA for most of the American session, while the technical indicators head north within bullish territory,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA keeps heading higher below the current level, the RSI indicator maintains a mild bullish tone around 57, while the Momentum indicator aims strongly north, maintaining the risk towards the upside for this Friday.”

    Support levels: 1.8960 1.8900 1.8850. Resistance levels: 1.9020 1.9080 1.9130.
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