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.