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GBPCAD at Support- Scalps Target 1.8785 Ahead of Key Data

GBPCAD at Support- Scalps Target 1.8785 Ahead of Key Data

Michael Boutros, Strategist

Talking Points

GBP/CAD Daily

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBCAD testing key near-term support at 1.8785
  • Level defined by the weekly ORL / Pitchfork support / 38.2% retracement
  • Resistance 1.8965/70 & Former upper MLP (highlighted region)- bearish invalidation
  • Support-break targets objectives 1.8669, the November ML & 1.8547
  • Note the pending resistance trigger / 40-break would keep short-side in focus
  • Event Risk Ahead: UK Unemployment &BoE Minutes tomorrow

GBP/CAD 30min

Notes:GBPCAD has set a clean weekly opening range just above support at 1.8785. This region is also backed by a band of lower parallels into the 1.87-handle which will serve as our near-term bullish invalidation level. We’ll be looking for break of this range heading deeper into the week with interim resistance eyed at the weekly opening range high / 23.6% retracement at 1.8965/70. A breach above this region targets the 1.90 & 1.9075/80.

Divergence into the lows has us looking for near-term rebound but use caution heading into key event risk tomorrow with both the UK employment report & the release of the BoE minutes on tap followed by Canadian Retail Sales & CPI on Friday. Note that the ATR is still rather wide here with a quarter of the daily average true range yielding profit targets of 40-44pips per scalp.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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