12 Jan 2015
GBP/CAD below 10-DMA
FXStreet (Mumbai) - The British pound edged lower against the Canadian dollar in the mid-European session, extending losses for the second straight session on sterling weakness.
Currently, the GBP/CAD traded at 1.7956 levels, down -0.20% on the day, having posted day’s high at 1.7999 levels earlier in the day. The sterling came under pressure against the Canadian dollar as markets eye UK CPI data tomorrow which is expected to drop below 1% for the first since 2002. The falling prices pressures in Britain have raised speculations of a delayed rate hike expectations from mid 2015 to not until 2016. Moreover, falling oil prices also have failed to support the GBP/CAD cross.
GBP/CAD Technical Levels
To the upside, the next resistance is located at 1.80 levels and above which it could extend gains to 1.8075 levels. To the downside, immediate support might be located at 1.7912 levels and below that at 1.7850 levels.
Currently, the GBP/CAD traded at 1.7956 levels, down -0.20% on the day, having posted day’s high at 1.7999 levels earlier in the day. The sterling came under pressure against the Canadian dollar as markets eye UK CPI data tomorrow which is expected to drop below 1% for the first since 2002. The falling prices pressures in Britain have raised speculations of a delayed rate hike expectations from mid 2015 to not until 2016. Moreover, falling oil prices also have failed to support the GBP/CAD cross.
GBP/CAD Technical Levels
To the upside, the next resistance is located at 1.80 levels and above which it could extend gains to 1.8075 levels. To the downside, immediate support might be located at 1.7912 levels and below that at 1.7850 levels.