GBP/CAD rises for second day in a row

By FXStreet Pound’s strength continued leading the way for the GBP/CAD cross, which closed higher for second day in-a-row. The GBP/CAD reached 1.9019 before retreating slightly, but holds onto a gain of 0.69% by the end of the day, near the 1.9000 level.

In the meantime the USD/CAD closed with a doji for a second straight day, as crude oil stabilized, stalling its recovery on overwhelmingly high build in US crude stockpiles.

GBP/CAD technical perspective

“From a technical point of view, the 1 hour chart favors the upside, as the price has held above a bullish 20 SMA for most of the American session, while the technical indicators head north within bullish territory,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA keeps heading higher below the current level, the RSI indicator maintains a mild bullish tone around 57, while the Momentum indicator aims strongly north, maintaining the risk towards the upside for this Friday.”

Support levels: 1.8960 1.8900 1.8850. Resistance levels: 1.9020 1.9080 1.9130.
For more information, read our latest forex news. …read more

Source:: FX Street