Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/CAD retraces below cloud and 200-DMA, further weakness on charts

GBP/CAD chart on Trading View used for analysis

  • GBP/CAD is extending downside for the 3rd successive day, trades 0.36% lower at 1.7039 at 1145 GMT.
     
  • The pair has slipped below daily cloud and 200-DMA support raising scope for further weakness.
     
  • Stochs and RSI are biased lower and MACD also supports further downside in the pair.
     
  • We see weakness till 1.68 (major trendline support). Breach at 1.68 mark could see further downside.
     
  • Retrace and close above 200-DMA can negate the bearish bias. 

Support levels - 1.6984 (Feb 5 low), 1.6925 (Lower BB), 1.68 (trendline)

Resistance levels - 1.7098 (200-DMA), 1.7129 (5-DMA), 1.7272 (Feb 7 high)

Recommendation: Stay short on close below 200-DMA, SL: 1.71, TP: 1.6985/ 1.6925/ 1.68

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

February 22 20:00 UTC Released

USFCOJ Stock

Actual

0.548 Pounds B

Forecast

Previous

0.529 Pounds B

February 22 20:00 UTC Released

USBeef Stocks

Actual

495.624 Pounds M

Forecast

Previous

514.72 Pounds M

January 31 00:00 UTC 558625558625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 558625558625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 570445570445m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 558625558625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 570445570445m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 558625558625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 558625558625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 558625558625m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.