By Anton Eljwizat – The GBP has dropped significantly versus the CAD in the past month, and it is currently trading around 153.55. And now as evident in the data below, the daily chart is giving bullish signals, indicating that the GBP/CAD pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the daily GBP/CAD chart by ForexYard.
• The technical indicators used are the Relative Strength Index (RSI), MACD, and Williams Percent Range.
• There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
• The Williams Percent Range is testing the lower border at the -100 mark, which merely highlights some added upward pressure.
GBP/CAD Daily Chart
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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