18 Feb 2015
GBP/CAD rises above 1.92
FXStreet (Mumbai) - The upbeat UK economic data and the Bank of England minutes coupled with a fall in Crude prices pushed the GBP/CAD pair to a high of 1.9206 ahead of the US session.
CAD under pressure due to weak Crude prices
Crude oil prices in the US fell 2.11% at USD 53.15/barrel, thereby pushing the Canadian dollar lower against the US dollar. The USD/CAD pair currently trades at 1.2453; up 0.5%. Meanwhile, an upbeat employment data in the UK, coupled with a slightly hawkish BOE minutes pushed the GBP/USD higher to 1.5423; up 0.23%.
Consequently, the GBP/CAD cross advanced 0.96% to trade at 1.9204 levels. The pair bounced from a low of 1.9006 and breached 150% and 161.8% Fib expansion level of (1.7539 to 1.8397 and 1.7762) located at 1.9051 and 1.9152 respectively.
GBP/CAD Technical Levels
The immediate resistance is seen at 1.9272 (Jan. 30th high), above which gains could be extended to 1.9359 (Feb. 11 high). On the flip side, support is seen at 1.9152 and 1.9051 levels.
CAD under pressure due to weak Crude prices
Crude oil prices in the US fell 2.11% at USD 53.15/barrel, thereby pushing the Canadian dollar lower against the US dollar. The USD/CAD pair currently trades at 1.2453; up 0.5%. Meanwhile, an upbeat employment data in the UK, coupled with a slightly hawkish BOE minutes pushed the GBP/USD higher to 1.5423; up 0.23%.
Consequently, the GBP/CAD cross advanced 0.96% to trade at 1.9204 levels. The pair bounced from a low of 1.9006 and breached 150% and 161.8% Fib expansion level of (1.7539 to 1.8397 and 1.7762) located at 1.9051 and 1.9152 respectively.
GBP/CAD Technical Levels
The immediate resistance is seen at 1.9272 (Jan. 30th high), above which gains could be extended to 1.9359 (Feb. 11 high). On the flip side, support is seen at 1.9152 and 1.9051 levels.