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GBP/CAD extends losses below 1.9000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/CAD continued to plummet on Thursday as the Canadian dollar was among the best performers in the FX space. GBP/CAD broke decisively below 1.9000 and accelerated to a fresh 8-month low of 1.8869 during the New York session. The Loonie was trading higher even before oil prices bounced, which gave the currency additional tailwinds during the american afternoon.

    WTI futures turned higher and settled 2.9% higher at $33.07 a barrel amid plans for another meeting of major oil producers.

    GBP/CAD technical perspective

    From a technical point of view, the cross exhibits oversold conditions in short-term charts, suggesting a phase of consolidation might precede a new leg lower. Next major support stands at 1.8845, which is June 2015 monthly low, with a break below this latter exposing the 1.8700 zone.

    Support levels: 1.8845 1.8700 1.8650. Resistance levels: 1.9000 1.9085 1.9145.
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