GBP/CAD Reclaims 1.8300 Mark
The GBP/CAD pair has been steadily recovering from its lowest level since Jan. 2015 and has now moved back above 1.8300 round figure mark.
After
registering declines for five consecutive weeks, the pair last week
witnessed some minor recovery. The recovery, however, was sold into on
better-than-expected Canadian retail sales data last week. On Monday,
the pair is again witnessing some buying interest on declining
expectations a UK exit from the European Union.
Technical levels to watch
From
current levels, any further up-move is likely to confront immediate
resistance near 1.8350 level representing a short-term descending
trend-channel resistance. A clear strength above this immediate
resistance would now open room for extension of the pair’s near-term
recovery trend. Descending trend-channel break-out seems to pave way for
an immediate up-move towards reclaiming 1.8400 round figure mark.
Meanwhile
on the downside, weakness below day’s lows support near 1.8280 area
seems to drag the pair back towards Friday’s close near 1.8240-35 region
ahead of 1.8200 round figure mark. Failure to sustain any recovery and a
subsequent break back below 1.8200 mark might negate any prospects of
any recovery, making the pair vulnerable to further downside in the
near-term.
