- January 20, 2021
- Posted by: cabana-admin
- Category: forex trading
General overview: GBP/CAD is in the hands of the bulls, taking on the next layer of resistance. On a break of resistance, 0.7480 is earmarked as a daily extension’s target. The market headed towards an upside extension in the market. The market headed towards the upside bias established a bullish extension towards the upward momentum. The choppy consolidation with the bullish bias the upside continuation expectation established. Bulls taking the reins and eye a daily extension, the price, as expected moved triggered a long setup. A bullish continuation would be expected at this juncture, especially given the long wick on the prior week’s candle, the market makes its path towards the upside rally in the market. The GBP/CAD rate is heavily influenced by the performance of the US Dollar and the Euro and related economic and political events. The pair creating the bullish side in the market.
Technical Analysis: From the technical point of view we can say that the market creates bullish signals in the market. The market chooses to put the upwards side moment in the market. On the daily chart, we can say that the bulls are firmly closed to the upside moment in the market. The indicator is closed to upside signals in the market. The RSI is also traveling above the 50 levels to create the bullish signals and MACD also lying above the zero signals and create buy signals. The bulls are favoring the upside level and forcing the market towards an upside moment. The bulls are playing at the front foot level and create the buy signals. The minors EMA lines are lying above major SMA lines as create buy signals. The support level of the pair is 1.7297 followed by 1.7247 and resistance is 1.7398 followed 1.7448
Trade idea: the traders are advised to go for buy1.7350 at the level 1.7503-1.7603 and stop loss is 1.7253.
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