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5 May 2016
GBP/CAD hovers near weekly highs
The GBP/CAD cross corrected lower on Thursday, but closed the day a few pips below its weekly high of 1.8670.
The intraday decline was supported by a sharp advance in crude oil prices during the first half of the day, but as the commodity retreated, the cross trimmed daily losses.
GBP/CAD technical view
“The bullish trend has partially lost momentum, but remains in place now that the pair broke above 1.8500, and the short term picture is neutral-to-bullish as in the 1 hour chart, the technical indicators head nowhere around their mid-lines, while the price stands a few pips above a flat 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA has accelerated its rally and is currently crossing the 200 EMA towards the upside, both in the 1.8510/20 region, while the technical indicators have retreated partially from overbought levels, but remain nearby, with limited bearish slopes.”
Support levels: 1.8610 1.8565 1.8515. Resistance levels: 1.8670 1.8740 1.8800.
The intraday decline was supported by a sharp advance in crude oil prices during the first half of the day, but as the commodity retreated, the cross trimmed daily losses.
GBP/CAD technical view
“The bullish trend has partially lost momentum, but remains in place now that the pair broke above 1.8500, and the short term picture is neutral-to-bullish as in the 1 hour chart, the technical indicators head nowhere around their mid-lines, while the price stands a few pips above a flat 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA has accelerated its rally and is currently crossing the 200 EMA towards the upside, both in the 1.8510/20 region, while the technical indicators have retreated partially from overbought levels, but remain nearby, with limited bearish slopes.”
Support levels: 1.8610 1.8565 1.8515. Resistance levels: 1.8670 1.8740 1.8800.