GBP/CAD 200-DMA breakout, good to go long
GBP/CAD has shown a decisive break at 200-DMA and hit 4-month highs at 1.70.
CAD weakness post Bank of Canada (BoC) policy meet overnight propelled the pair higer.
BoC left unchanged the repo rate at 1.00% and said that it will remain ‘cautious’ regarding further tightening.
CAD dived across the board as market rules out further BOC rate hikes in Dec/Jan.
The pair has currently paused upside at 1.70 handle, pared some gains to currently hover around 1.6967.
Technical studies are bullish and breakout above 200-DMA reinforces scope for further upside.
Next bull target lies at 1.7083 (61.8% Fib retracement of 1.7853 to 1.5837 fall).
50% Fib at 1.6845 offers immediate support, break below could see retrace upto 200-DMA. Bullish invalidation likely on break below 200-DMA.
Good to go long around 1.6950/60, SL: 1.6880, target 1.70/ 1.7080/ 1.7170/ 1.72.
CAD weakness post Bank of Canada (BoC) policy meet overnight propelled the pair higer.
BoC left unchanged the repo rate at 1.00% and said that it will remain ‘cautious’ regarding further tightening.
CAD dived across the board as market rules out further BOC rate hikes in Dec/Jan.
The pair has currently paused upside at 1.70 handle, pared some gains to currently hover around 1.6967.
Technical studies are bullish and breakout above 200-DMA reinforces scope for further upside.
Next bull target lies at 1.7083 (61.8% Fib retracement of 1.7853 to 1.5837 fall).
50% Fib at 1.6845 offers immediate support, break below could see retrace upto 200-DMA. Bullish invalidation likely on break below 200-DMA.
Good to go long around 1.6950/60, SL: 1.6880, target 1.70/ 1.7080/ 1.7170/ 1.72.
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