News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/PY2YyH4vkQ
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/z2qB9p8IgX
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook! https://t.co/kAvpnb0EXO
  • 4 consecutive down weeks for the #SP500, last matched over a year ago #Fed balance sheet continues to gain very cautiously, now at its highest since the middle of June. Still, at slower pace than last week Focus shifts to US fiscal stimulus next week in the House of Reps https://t.co/f8zpSILm86
  • #Gold prices have broken lower and while the broader technical structure is constructive, the risk remains for a deeper correction before resumption. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/7p3jPx6nQd https://t.co/nnCSdt6OV5
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇳🇿NZD: -0.02% 🇯🇵JPY: -0.15% 🇨🇭CHF: -0.23% 🇦🇺AUD: -0.25% 🇪🇺EUR: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/O8Qb7OHZza
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.30% Gold: -0.33% Silver: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lEALo4Z1M9
  • The S&P 500 breakdown is testing the first major zone of support and we’re looking for a reaction. Get your S&P500 technical analysis from @MBForex here:https://t.co/JrTNmQ5c7g https://t.co/D79T1134P9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.29%, while traders in EUR/GBP are at opposite extremes with 65.04%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lzTHuIgzFQ
  • US Equities Update (Friday Close): $DJI +1.34% $SPX +1.60% $NDX +2.34% $RUT +1.59% $VIX -7.93%
GBP/CAD Price Forecast: Critical Levels and Signals to Monitor

GBP/CAD Price Forecast: Critical Levels and Signals to Monitor

2020-08-03 15:00:00
Mahmoud Alkudsi, Analyst
Share:

British Pound vs Canadian Dollar Technical Forecast

  • GBP vs CAD price – Bulls in charge
  • Positive outlook may remain while above 1.7732

GBP/CAD- Multi-Month High

Last week, GBP/CAD hit a near three-month high of 1.7675. However, the price declined after as some bulls seemed to cut back. Ultimately, a weekly candlestick closed in the green with a 2.2% gain.

Alongside that, the Relative Strength Index climbed and remained in overbought territory emphasizing the strength of the bullish momentum.

GBP/CAD Daily PRICE CHART (Feb 1, 2018 – AUGUST 3, 2020) Zoomed Out

GBPCAD daily price chart 03-08-20 zoomed out
GBP Forecast
GBP Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q3 GBP Forecast
Get My Guide

GBP/CAD Daily PRICE CHART (MAY 1 – AUGUST 3, 2020) Zoomed In

GBPCAD daily price chart 03-08-20 zoomed in

Since July 15, GBP/CAD has failed on multiple occasions to close below the 50- day moving average repeatedly rebuffing efforts to put bears in charge. Last week, the price ended its sideways move and climbed to the current 1.7178- 1.7732 trading zone and tipping the balance towards the bull’s side.

A daily close above the high end of the current trading zone may encourage bulls to extend the rally towards the monthly resistance level at 1.8097 (April 2016 low).

On the other hand, a failure in closing above the high end of the zone reflects bull’s hesitations and may ultimately guide GBPCAD’s fall towards the low end of the current trading zone (June 16 high).

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

GBP/CAD Four Hour PRICE CHART (July 2 – AUGUST 3, 2020)

GBPCAD four hour price chart 03-08-20

Last week, GBP/CAD created a sharp upward trendline support originating from the July 23 low at 1.6979 highlighting an accelerated bullish momentum.

To conclude, while bulls have the upper hand a break below the aforementioned bullish trendline support reflects a weaker bullish bias.

Therefore, a break below 1.7382 may send GBPCAD towards the 1.7315, while a break above 1.7765 may cause a rally towards 1.7858. As such, the support and resistance levels marked on the four-hour price chart should be considered.

Written By: Mahmoud Alkudsi, Market analyst

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES