The UK currency weakened against most of its major peers, but gained against the CAD, as falling oil prices sent the commodity-related currency to its lowest level in over 11 years against the greenback. GBP/CAD advanced for a second day in a row and posted a fresh 2-month high of 2.0424. At time of writing, it was trading at 2.0370, recording a 0.26% gain on the day.
GBP/CAD technical view
“The 1 hour chart shows that the upward momentum is slightly exhausted, as the technical indicators turned south towards their mid-lines, whilst the price is holding above a bullish 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart however, the upside remains favored given that the technical indicators are turning back north after correcting overbought readings, whilst the price remains well above a bullish 20 SMA.”
Support levels: 2.0360 2.0315 2.0280. Resistance levels: 2.0400 2.0445 2.0490.
