GBP/CAD Technical Analysis

The downward trend in GBP/CAD appears to have stalled at the S2 Pivot Point line, or around 1.7130. In this instance, the 200 SMA support on the 4-hour chart corresponds with the S2 support as well.

Technical Analysis
2024年3月27日

The downward trend in GBP/CAD appears to have stalled at the S2 Pivot Point line, or around 1.7130. In this instance, the 200 SMA support on the 4-hour chart corresponds with the S2 support as well.

More significantly, however, the decline in GBP/CAD halted just above an ascending channel support that hasn't been broken since the year's beginning.

Is there a chance for the trend to continue here? Keep an eye out for bullish candlesticks at S2, as they may attract more bulls in the GBP/CAD pair and prolong its 2024 upward trend.

The pair may be headed for a move to the mid-channel resistance at 1.7250 if bullish momentum begins to build. If a fundamental catalyst drives the technical bounce higher, we might even witness the pair reach its previous highs around 1.7350!

But we wouldn't rule out a protracted decline in the GBP/CAD exchange rate. The GBP/CAD pair may continue to decline if traders take into account Canada's comparatively positive news releases or if oil prices linked to the Canadian dollar surge once again.

Keep an eye out for sustained, unambiguous trading below the S2 support, as this might lead to a breakout below the channel pattern we've found.

Create an Account

Robert Thompson

Technical Analysis

S&P 500 Index (US500) Technical Analysis

Can the S&P 500 continue to rise from this? The equity index has created higher lows connected by an ascending trend line on its short-term time frame, as can be seen.

Robert Thompson
2024年3月20日

Technical Analysis

WTI Crude Oil (USOIL)

In recent trading sessions, there was an increase in volatility for this commodity due to the EIA's crude oil stocks showing a greater rise and rumours that OPEC is mulling more production cutbacks.

Robert Thompson
2024年3月13日

Technical Analysis

XAG/USD Technical Analysis

Similar to gold, this precious metal surged in value when the U.S. core PCE price index showed a little less weakness than anticipated.

Robert Thompson
2024年3月06日