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8 May 2015
GBP/CAD: Headed to 2.0000? - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained the trading conditions surrounding GBP/CAD and eye 2.0000 in the medium term.
Key Quotes:
"GBP/CAD gapped higher yesterday and despite easing quite sharply off the intraday peak earlier in the session, the cross may still close out the week in constructive fashion."
"The surge higher in the GBP took out both the 28– and 40-day MA signals in one fell swoop and the cross is set to form a bullish outside range week against the 40-week (200-day equivalent) MA."
"We have noted previously that the decline in the GBP form the February peak was corrective—running back to the big, bull break out seen in GBP/CAD at the start of the year from the 2014 consolidation range."
"The fact that the correction has based more or less exactly around that point (1.8254) is very encouraging from a longer-term point of view and suggests a resumption of the underlying bull trend is underway. We think medium-term risks are geared towards a push to 2.00/2.02."
Key Quotes:
"GBP/CAD gapped higher yesterday and despite easing quite sharply off the intraday peak earlier in the session, the cross may still close out the week in constructive fashion."
"The surge higher in the GBP took out both the 28– and 40-day MA signals in one fell swoop and the cross is set to form a bullish outside range week against the 40-week (200-day equivalent) MA."
"We have noted previously that the decline in the GBP form the February peak was corrective—running back to the big, bull break out seen in GBP/CAD at the start of the year from the 2014 consolidation range."
"The fact that the correction has based more or less exactly around that point (1.8254) is very encouraging from a longer-term point of view and suggests a resumption of the underlying bull trend is underway. We think medium-term risks are geared towards a push to 2.00/2.02."