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Long

GBP/CAD takes support near trend line at 2.020, targets 2.050

FX:GBPCAD   British Pound/Canadian Dollar
189 0 8
GBP/CAD             has taken support near trend line 2.023 (trend line joining 1.9480 and 2.002) and recovered from that level. It is currently trading around 2.0325.

Canadian dollar             is trading weak against all major pairs with sudden sell off in crude oil             due to unexpected build up in US gasoline stocks and decreasing demand from China.

Technically the pair is facing strong support around 2.020 and any break below will drag the apir further down till 2.00/1.9795.

On the upside minor resistance is around 2.03770 and any indicative break above targets 2.0426/2.0520 in short term.

It is good to buy at dips around 2.030 with SL around 2.020 for the TP of 2.425/2.0520
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