FXStreet (Córdoba) - GBP/CAD erased most of its intraday losses and ended the day around 1.9980, having traded as low as 1.9909 at one stage.
The latest recovery can be attributed to the continued pound strength, as the currency stands near a fresh 4-week high against the greenback. Nevertheless the pair is pretty much unchanged from Wednesday's close, as the Canadian dollar also had its share of gains as oil prices surged to their highest since early July.
GBP/CAD technical perspective
“Technically, the short term picture is bullish as in the 1 hour chart the price is well above a now bullish 20 SMA, whilst the technical indicators have partially lost their upward strength, but hold in overbought territory”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart and for the upcoming session, the upside is also favored as the price holds near its highs and well above a bullish 20 SMA, although the technical indicators have lost their upward strength, and hover above their mid-lines, supporting some consolidation before the next directional move”.
Bednarik sees next support levels at 1.9950, 1.9895 and 1.9850, while placing resistances at 2.0025, 2.0090 and 2.0160.
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