23 Dec 2014
GBP/CAD drops to 10-day low levels
FXStreet (Mumbai) - Sterling eased to a ten-day low against Canadian dollar during the European session, as markets remained uninspired after weaker-than expected Britain’s Q3 GDP data.
The GBP/CAD pair now trades 1.8090 levels, down -0.261%, after hitting fresh daily low of 1.8069 levels immediately after the data release. The pound slipped against the Canadian dollar as traders’ mulled weaker-than-expected UK economic growth for the third quarter. Also, UK’s widening current account deficit added to the losses in the GBP/CAD pair.
Meanwhile, investors now turn their focus towards growth number from Canada due out later in the day for further direction on the currency pair.
GBP/CAD Levels to consider
To the upside, the next resistance is located at 1.8142 (Today’s High) and above which it could extend gains to at 1.8201 (Dec 22 High) levels. To the downside immediate support might be located at 1.8048 (Oct 27 Low) and below that at 1.8 levels.
The GBP/CAD pair now trades 1.8090 levels, down -0.261%, after hitting fresh daily low of 1.8069 levels immediately after the data release. The pound slipped against the Canadian dollar as traders’ mulled weaker-than-expected UK economic growth for the third quarter. Also, UK’s widening current account deficit added to the losses in the GBP/CAD pair.
Meanwhile, investors now turn their focus towards growth number from Canada due out later in the day for further direction on the currency pair.
GBP/CAD Levels to consider
To the upside, the next resistance is located at 1.8142 (Today’s High) and above which it could extend gains to at 1.8201 (Dec 22 High) levels. To the downside immediate support might be located at 1.8048 (Oct 27 Low) and below that at 1.8 levels.