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GBP/CAD breaks below 1.9100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/CAD fell sharply on Wednesday and posted fresh 8-month lows weighed by a combination of a weaker pound amid ongoing Brexit fears and higher oil prices, which underpinned the Canadian dollar during the American session.

    WTI futures spiked above $32.00 a barrel after EIA reported a 3.502 million barrel increase at its weekly report, slightly above the 3.427 million expected but well below the 7.1 million build reported by API on Tuesday.

    After losing more than 280 pips, GBP/CAD finished the day just below 1.9100 for first time since June 2015.

    GBP/CAD technical view

    The technical perspective remains bearish, although oversold conditions are exhibit in hourly and daily charts, suggesting the pair might stage a bounce before resuming the slide. On the upside, immediate resistance at the 20-hour SMA at 1.9225.

    Support levels: 1.9050 1.9030 1.9000. Resistance levels: 1.9225 1.9260 1.9330.
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