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GBP/CAD Eyes 2.0380 As Bulls Gain Momentum -

Sep, 08th 05:17

The GBP/CAD soared, following a strong slide in oil prices, triggered by a Reuters’ report saying that Saudi Arabia is likely to hold output in the 10.2-10.3 million barrels per day range in the fourth quarter, whilst global demand will remain limited.

The Canadian dollar came under selling pressure, boosting the cross up to 2.0341, the highest since last Wednesday. Short term, the 1 hour chart shows that the 20 SMA heads strongly higher well below the current price, whilst the technical indicators have lost their upward strength in overbought territory, suggesting at least some consolidation ahead.

In the 4 hours chart, the price has also advanced above its 20 SMA, now flat around 2.0170, whilst the RSI indicator is losing its upward strength around 60, and the Momentum indicator turned lower, but well above its 100 level, supporting the shorter term view.

The pair has an immediate resistance at 2.0380, with a break above the level required to confirm further gains for this Tuesday.

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