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29 Dec 2014
GBP/CAD hovers around 10-DMA
FXStreet (Mumbai) - The Canadian dollar extended losses from the previous session and traded fairly lower against the British pound, despite rebounding oil prices.
The GBP/CAD pair trades flat at 1.8103, moving away from daily low of 1.8090 levels hit in the early Asian morning. The pound gained strength versus the Canadian dollar as the dollar index retreated slightly from nine-year high levels today. Moreover, the traders appeared to have digested the upbeat GDP-backed gains in the Canadian dollar, pushing the GBP/CAD pair moderately higher.
GBP/CAD Levels to consider
To the upside, the next resistance is located at 1.8116 (Dec 24 High) and above which it could extend gains to 1.8131 (Nov 7 High) levels. To the downside immediate support might be located at 1.8088 (5-DMA) and below that at 1.7971 (100-DMA) levels.
The GBP/CAD pair trades flat at 1.8103, moving away from daily low of 1.8090 levels hit in the early Asian morning. The pound gained strength versus the Canadian dollar as the dollar index retreated slightly from nine-year high levels today. Moreover, the traders appeared to have digested the upbeat GDP-backed gains in the Canadian dollar, pushing the GBP/CAD pair moderately higher.
GBP/CAD Levels to consider
To the upside, the next resistance is located at 1.8116 (Dec 24 High) and above which it could extend gains to 1.8131 (Nov 7 High) levels. To the downside immediate support might be located at 1.8088 (5-DMA) and below that at 1.7971 (100-DMA) levels.