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?
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
Order Buy
Buy stop Above 1.7055
Stop loss Below 1.6998