10 Feb 2015
GBP/CAD back below 0.91
FXStreet (Mumbai) - The GBP/CAD pair fell back below 0.91 levels after having hit a session high of 0.9113 levels due to a slight recovery in crude price.
CAD vulnerable fall in Crude
The Canadian dollar fell across the board due to the weakness in crude prices triggered by excess supply concerns. The International Energy Agency (IEA’s) forecast of record high stocks in 2015 led to weakness in crude prices. WTI Crude slumped to USD 50.78/barrel, before recovering slightly to USD 51.06/barrel. Consequently, the CAD got a breather, taking the GBP/CAD back below 0.91 levels.
GBP/CAD Technical Levels
The pair now trades 0.59% higher at 1.9086 levels. The immediate resistance is seen at the daily high of 1.9113 and 1.9145 (Feb. 5th high). Meanwhile, support is seen at the hourly 100-SMA at 1.9047, under which losses could be extended to the hourly 200-DMA located at 1.9016.
CAD vulnerable fall in Crude
The Canadian dollar fell across the board due to the weakness in crude prices triggered by excess supply concerns. The International Energy Agency (IEA’s) forecast of record high stocks in 2015 led to weakness in crude prices. WTI Crude slumped to USD 50.78/barrel, before recovering slightly to USD 51.06/barrel. Consequently, the CAD got a breather, taking the GBP/CAD back below 0.91 levels.
GBP/CAD Technical Levels
The pair now trades 0.59% higher at 1.9086 levels. The immediate resistance is seen at the daily high of 1.9113 and 1.9145 (Feb. 5th high). Meanwhile, support is seen at the hourly 100-SMA at 1.9047, under which losses could be extended to the hourly 200-DMA located at 1.9016.