GBP/CAD recovers ground but holds within Monday’s range

The GBP/CAD cross managed to recover ground on Tuesday, but held within Monday's range and closed the day around 1.7400, well below the weekly high set at 1.7576. The Canadian dollar closed the day up against the greenback, but off its daily high, as crude oil prices recovered the ground lost earlier this week.

GBP/CAD technical view

“As for the technical outlook the upward movement seems mostly corrective, as in the 4 hours chart, the price is well below a sharply bearish 20 SMA, whilst the RSI indicator is currently consolidating around 34, and the Momentum indicator heads north, but below the 100 level,” said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 1 hour chart presents quite a neutral stance, with indicators heading nowhere around their mid-lines and the price barely standing above its 20 SMA, showing no actual upward potential at the time being.”

Support levels: 1.7370 1.7315 1.7240. Resistance levels: 1.7480 1.7540 1.7600.