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GBP/CAD extends gains to fresh 3-month highs

FXStreet (Córdoba) - The GBP/CAD cross traded at its highest level since late August, up to 2.0643 in the US afternoon, as the pound rallied versus most competitors whilst the CAD plummeted to fresh lows on the back of oil's decline. The strong imbalance between both currencies resulted in a 250-pip intraday advance.

GBP/CAD levels to watch

“The short term outlook is still bullish, despite in the 1 hour chart, the technical indicators are beginning to look exhausted towards the upside in extreme overbought levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators are barely easing their upward strength, also standing in extreme overbought territory, whilst the 20 SMA heads strongly higher well below the current level, all of which supports further advances, and suggests buyers will be ready to add on dips”.

Support levels: 2.0585 2.0530 2.0480. Resistance levels: 2.0650 2.0710 2.0755.

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