20 Jan 2015
GBP/CAD trades at daily highs above 5-DMA
FXStreet (Mumbai) - The British pound edged higher against the Canadian counterpart, recovering losses from the previous session largely due to the break out above 1.5100 levels witnessed in GBP/USD.
Currently, the GBP/CAD pair traded at 1.8142 levels, up 0.53% on the day, having hit intraday high at 1.8151 levels few minutes ago. The strength in the pound against the US dollar pushed the GBP/CAD cross higher as the cable ended the side trend and climbed higher supported by the expectation of UK data in the next session.
Meanwhile, in absence of any significant GBP data today, traders may now focus Canadian manufacturing sales report due for further moves on the pair.
GBP/CAD Technical Levels
To the upside, the next resistance is located at 1.8187 levels and above which it could extend gains 1.8210 levels. To the downside immediate support might be located at 1.8013 levels, below that at 1.7989 levels.
Currently, the GBP/CAD pair traded at 1.8142 levels, up 0.53% on the day, having hit intraday high at 1.8151 levels few minutes ago. The strength in the pound against the US dollar pushed the GBP/CAD cross higher as the cable ended the side trend and climbed higher supported by the expectation of UK data in the next session.
Meanwhile, in absence of any significant GBP data today, traders may now focus Canadian manufacturing sales report due for further moves on the pair.
GBP/CAD Technical Levels
To the upside, the next resistance is located at 1.8187 levels and above which it could extend gains 1.8210 levels. To the downside immediate support might be located at 1.8013 levels, below that at 1.7989 levels.