Forex Alerts 11/12/2008

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Alert - 18:00 (CET) - GbpCad

The GbpCad is trading at 1.8385 Canadian Dollars per Pound. This session, the pair is ranging from 1.8331 to 1.8631. The current price is under yesterday's close at 1.8584. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.

The supports are set at 1.8000, 1.7500 and 1.7000. Given the ample movements of the pair, the resistances are watched, just in case, at 1.8781 (November 4th high) 1.9581 (November 3rd high) and 2.0068 (October 31st high).

In the last sessions, the GbpCad didn't find a clear direction, as both currencies have good reasons to decline. This morning we saw a general selling of Sterling, when the BoE announced it will cut rates in the next meeting in December. On the other hand, the loonie has been facing a great deal of pressure, as the crude price is declining, trading at 56 dollars, right now.

Checking the hourly graphics again, the current price is under the 0.00% (1.8508) Fibonacci retracement line. The average volatility per hour is 350 pips and the 60-minute Relative Strenght Index (RSI) is at 39 points, near the oversold area.

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