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GBP/CAD chart on Trading View used for analysis
- GBP/CAD is trading in a narrow range, with session high at 1.7205 and low at 1.7168.
- The Canadian dollar under pressure as Federal Court blocks Keystone XL pipeline.
- Further, ongoing sell-off in crude oil continues to hurt the demand for the commodity-sensitive loonie.
- Technical analysis for the pair also supports a bullish bias. Price action has broken above 110-EMA and daily cloud.
- Momentum studies are bullish, Stochs are sharply higher and RSI is above 50, bias is higher.
- MACD shows bullish crossover on signal line. We see scope for test of 200-DMA at 1.7349.
- On the downside, retrace below 110-EMA negates bullish bias.
Support levels - 1.7171 (5-DMA), 1.7073 (110-EMA), 1.7024 (23.6% Fib)
Resistance levels - 1.72, 1.7290 (38.2% Fib), 1.7349 (200-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-CAD-Trade-Idea-1453954) has hit TP1.
Recommendation: Hold for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
