FxBinaryPoint
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The GBP/CAD gave back all of its early week gains, as the British Pound weakened further on another weak UK macroeconomic release. Oil prices posted a tepid intraday advance, giving the Canadian dollar some intraday strength that resulted in a fresh 2-month low for the cross at 2.0026.
Technically, the 1 hour chart shows that the bearish trend is still in place, with the price below a bearish 20 SMA as the technical indicators resume their decline well below their mid-lines. In the 4 hours chart the 20 SMA maintains a strong downward strength well below the current level, whilst the technical indicators have lost their upward strength well below their mid-lines, ready to resume their declines.
Support levels: 2.0265 2.0220 2.0170
Resistance levels: 2.0330 2.0380 2.0450
Technically, the 1 hour chart shows that the bearish trend is still in place, with the price below a bearish 20 SMA as the technical indicators resume their decline well below their mid-lines. In the 4 hours chart the 20 SMA maintains a strong downward strength well below the current level, whilst the technical indicators have lost their upward strength well below their mid-lines, ready to resume their declines.
Support levels: 2.0265 2.0220 2.0170
Resistance levels: 2.0330 2.0380 2.0450
