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GBP / CAD (GBPCAD)

MetisEtradePR · 11 · 6201

MetisEtradePR

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on: Oct 03, 2014, 07:25 PM


Support and Resistance Level

GBPCAD has been consolidating since the start of the year. There has been a breakout from this consolidation last month and the currency pair recently tested the previous channel support of this consolidation at 1.79503. A good selling opportunity should be taken advantage of once the currency pair breeches this support level again as this is a confirmation that the incident was not a false breakout. Profit-taking should be done near the 1.76722 price level.

Trend Indicators


The 100-day (red line) and 200-day (blue line) simple moving average of GBPCAD confirms that there has been a breakdown of the consolidation at the cross of the two SMAs. Since the currency pair is currently below the two SMAs, this is an indication that the currency pair is moving in a downtrend and the SMAs can serve as a strong resistance level of this downtrend.

Oscillators

The relative strength index (RSI) of the daily chart reveals that the RSI is currently at 49.70. This is a confirmation of a downtrend since the RSI is between the 60 and 20 level.


MetisEtradePR

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Reply #1 on: Oct 17, 2014, 05:37 PM


Support and Resistance Level

The descending triangle that formed in GBPCAD provides several trading opportunity for investors. Although a dip in the short-run is expected as the currency approaches resistance, a bullish bias is safer since there is stronger buying momentum shown in the chart. Going long on the pair is recommended after prices test support at 1.79085, while profit-taking could be done near resistance at 1.81354.

Trend Indicators

The period-100 (red line) and period-200 (blue line) simple moving averages on the 4-hour chart show the recent bullishness on the currency as the faster moving average crossed over the slow moving average. Support from these two could be found between 1.79627 and 1.80315.

Oscillators

The relative strength index in the 4-hour chart indicates an impending correction to the pound’s bull-run as a divergence could be seen between the price chart and the index. While, prices reached higher highs, the index reached lower highs, signaling a loss in momentum for the currency. A test of RSI level 40 is anticipated to coincide with a short-term correction in the pair.


MetisEtradePR

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Reply #2 on: Oct 20, 2014, 06:38 PM


Support and Resistance Level

A possibility for trading within the EURNZD consolidation exists as prices are currently testing support at 1.60299. Based on the consolidation, immediate resistance currently holds at 1.61369, a level the currency finds hard to break. Volatility of about a thousand points is expected for this particular trade.

Trend Indicators

The period-100 (red line) and period-200 (blue line) simple moving averages on the 4-hour chart show the recent bullishness on the currency as the faster moving average crossed over the slow moving average last September. Support from the 200 SMA could be found at 1.59666, while resistance from the 100 SMA could be found at 1.61396.

Oscillators

The relative strength index in the hourly chart shows the currency is gaining bullish momentum after its recent dip to oversold levels. The index will most likely test level 60, coinciding with prices rising in the short-run. The indicator currently stands at 42.35.


MetisEtradePR

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Reply #3 on: Oct 22, 2014, 07:51 PM


There is expectation that the Bank of Canada will keep interest rates at record-low 1.00% in their upcoming interest rate decision and monetary policy report. The report is expected to be dovish since the central bank will possibly justify the reasons behind their decision to maintain interest rates at record low despite better-than-expected figures on inflation and economic growth. Canada’s core inflation for the third quarter was reported to be at 2.1%, higher than the forecasted 1.7%.


MetisEtradePR

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Reply #4 on: Oct 29, 2014, 06:07 PM


Support and Resistance Level

A buying opportunity is presented in the GBPCAD uptrend channel as the price approaches the immediate support level at 1.79581. Going long after a bounce from the mentioned price floor is recommended with the profit taking point near resistance at 1.81359.

Trend Indicators

The 100-day (red line) and 200-day (blue line) simple moving averages indicate consolidation with slight bearishness in the pair as slow SMA overlapped the fast SMA. Immediate resistance from the 100 SMA could be found at 1.81339, while secondary resistance from the 200 SMA could be found at 1.82518.

Oscillators

The relative strength index on the 4-hour chart at 39.89 indicates the currency is approaching oversold conditions, where a buying prospect exists. The price has more room for bearish movement, possibly testing RSI level 35. A bounce from this could signal a reversal in the short-run.


MetisEtradePR

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Reply #5 on: Dec 16, 2014, 05:17 PM


A data release later is expected to reveal that United Kingdom’s inflation eased for the month of November. The year on year CPI is projected to have eased to 1.2% from the previous month’s 1.3%. UK’s inflation was reported to have been slowing sharply. Inflation rate was at 5.2% last September 2011 and it has dropped to 1.3% in October. Inflation is expected to slow further to 1.0% in the next six months due to lower food and energy prices. Although the central bank governor reiterated that the BOE would most likely increase interest rates despite low inflation, there has been disagreement within the monetary policy committee regarding this decision.


MetisEtradePR

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Reply #6 on: Jan 08, 2015, 04:32 PM
http://media-cache-ec0.pinimg.com/736x/e6/d5/92/e6d592efed54a49d99df1e8f57aceb44.jpg[/img]

Later, the Bank of England’s will release its rate statement. The central bank is expected to keep interest rates at 0.50%. The statement to be released will possibly focus more on soft inflation and low wage growth than on the recovery of the UK economy. Additionally, risks from overseas will possibly be highlighted in the statement. Since UK and the Euro area have close ties, risks in the Euro area brought about by deflation and the Greek political situation will possibly affect UK as well. A dovish statement from the BOE will weigh down the Cable.
« Last Edit: Jan 08, 2015, 04:37 PM by MetisEtradePR »


MetisEtradePR

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Reply #7 on: Jan 22, 2015, 07:09 PM


Support and Resistance Level

The GBPCAD monthly chart reveals that the currency pair is at its resistance level since 2009. The currency pair breached this resistance level and a buy opportunity should be taken upon confirmation that the currency pair will continue to pursue its uptrend. Profit-taking should be done before the 1.90008 secondary resistance level is reached.

Trend Indicators

The 24-week (red line) and 96-week (blue line) simple moving average of GBPCAD confirms that the currency pair has generally been moving in an uptrend. The currency pair is expected to continue its uptrend in the long run.

Oscillators

The relative strength index (RSI) of the daily chart reveals that GBPCAD is overbought. The RSI level is currently at 76.68. As long as the RSI level is above 60.0, the currency pair will possibly go up.


MetisEtradePR

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Reply #8 on: Feb 02, 2015, 06:19 PM


The Canadian Dollar is expected to weaken further on the worse-than-projected contraction of the Canadian economy. Last week, Canada’s GDP was reported to have declined to -0.2% for the month of November, lower than the expected -0.1%. The contraction was mainly due to the fall in manufacturing, mining, and oil and gas extraction. Manufacturing production fell by 1.9%. Mining, quarrying, and oil and gas extraction fell by 1.5%. Significant decline in wholesale trade and finance sector was also recorded. The economic contraction backs the decision of the Bank of Canada to cut interest rates in order to counter the risks involved in the sharp fall in energy prices in the Canadian economy. GDP Growth Rate in Canada averaged 0.82 percent from 1961 until 2014.


MetisEtradePR

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Reply #9 on: Mar 03, 2015, 04:25 PM


A data release today is projected to show that Canada’s economy grew by 0.2% last December, a better figure than last November’s 0.2% contraction. Slow manufacturing, mining oil and gas extraction lead to November’s GDP contraction. Although the Canadian economy is expected to make a slight recovery in December, GDP growth remains weak. Bank of Canada reduced their 2015 growth forecast from 2.4% to 2.1%. If economic growth in Canada remains soft, there is a possibility for the central bank to implement another rate-cut. In their last meeting, the BOC decided to cut rates by 25 basis points from 1.00% to 0.75% in order to counter the negative effects of falling oil prices on inflation and growth


MetisEtradePR

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Reply #10 on: Mar 25, 2015, 05:48 PM


According to a data release yesterday, United Kingdom’s annual rate of inflation fell to zero in February. This was mainly due to the fall of food and drink prices which plunged by 3.3%. The decline in inflation from January’s 0.3% was worse than the month’s forecast. CPI growth for the month of February was projected to be at 0.1%. February’s inflation data is the first zero reading. The Bank of England forecasts inflation to drop below zero in the coming months. Slow inflation has been an ongoing concern of the central bank. Although the fall in prices are possibly temporary as an effect of cheaper energy prices, the downside risks to inflation imply that the central bank will not make a move to raise interest rates anytime soon.


 


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