General overview: GBPCAD is trading on the uptrend mode now. The pair is creating the upside pressure in the chart and move towards the buy side in the market. The market makes the positive volatility in the market and move towards the upside trend trend in the market. The pair creates the higher highs in the market. The potential market creates the buy swings in the market and travel towards the positive side. GBP/CAD has met the weekly demand area and bulls are looking to engage. The bulls are looking for the more high side movement in the recent times. The pair is creating the demand territory in the market and suggesting the traders to take strong buying position in the market.
Technical Analysis: From the technical point of view we can say that market creating the buying demand in the market. On the hourly chart pair creating upwards higher high swings in the market and more upward rise can be expected in the market. The pair is taking the support from the EMA and SMA lines and towards the north side in the market. The traders can go for fresh buying opportunity in the market. On the 4 hourly charts after the range bound position we find the breakout level and after buying level is created in the chart, the strong buying is still expected in the market. The RSI and MACD is still favoring the market. The support level will be 1.7379 followed by 1.7319 and resistance will be 1.7500 followed by 1.7550.
Trade idea: Our traders will move towards the buy side at level 1.7442 target will be 1.7500 – 1.7540 and stop loss will be 1.7375
