Overview: The broad-based USD strength helped GBP/CAD push higher earlier in the week. The lack of progress in the UK-EU trade negotiations and renewed coronavirus fears helped the greenback find demand as a safe-haven. After gaining 0.7% on Tuesday, however, the US Dollar Index lost its traction. The pair is trading towards the upwards side in the market. The Improvement is risk sentiments helped the pound and heads its important moves towards the higher highs in the market.
The pair is now trading in the upwards direction with the positive momentum in the market. GBP/CAD is the forex ticker that shows the value of the British Pound against the Canadian Dollar; telling traders how many CAD are needed to buy one Pound Sterling. 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 is traveling towards its higher side in the market. The pair is giving an opportunity as of today to moving towards the buy position in the market. However, we enact towards a higher level in the market. The traders can be set to the buy-side in the market.
Technical Analysis: From the technical point of view in the market. We can say that the market leads to the buy-side in the market. On the daily chart, we can see that market will set to the buy-side in the market and the indicator will support the market towards the bullish side in the market. Odds are in favour of the bulls in the market. Bulls are showing their strong forces and riding the market towards its higher side and the pair is moving towards the north direction in the market. The market is forming the bullish marabuzo stick and creating the bullish signals in the market. The bulls are riding the market and make sit the investor towards the buy-side, hence we can see lots of positive volatility in the market. The RSI is also above the 50 levels and creates the bullish side in the market and MACD will move above zero signals and creating the buy signals. So, we suggest the traders to sit on the buy-side in the market. The support of the market is 1.7474 followed by 1.7530 and the resistance is 1.7332 followed by 1.7296.
Trade Idea: We can conclude that from the above content and set toward buy-side at level 1.7408 and target will be 1.7525-1.7600 and stop loss will be 1.7323.
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