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 >

April 19 08:00 UTC Released

ITConsumer Confidence

Actual

110.5 %

Forecast

111.2 %

Previous

111.2 %

April 19 08:00 UTC Released

ITMFG Business Confidence

Actual

100.6 %

Forecast

100.7 %

Previous

100.8 %

January 31 00:00 UTC 638427638427m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 638427638427m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 650247650247m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 638427638427m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 650247650247m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 638427638427m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 638427638427m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 638427638427m

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.