GBPCAD Analysis: Slowing Canadian economy bullish for GBPCAD

December 24, 2019

By IFCMarkets

Slowing Canadian economy bullish for GBPCAD

Canada’s economy shrank by 0.1% over month in October, the first monthly decline since February. Will the GBPCAD continue rising?

GBPCAD rising toward MA(50)

The price chart on 1-hour timeframe shows GBPCAD: H1 is in uptrend. The price is rising toward the 200-period moving average MA(200) which is falling. The RSI oscillator is below 50 level but has not reached the oversold zone.

Technical Analysis Summary

OrderBuy
Buy stopAbove 1.7055
Stop lossBelow 1.6998

Market Analysis provided by IFCMarkets