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Could GBP/CAD Break The Current Range? -

Sep, 22nd 05:51

The GBP/CAD remained confined to a tight range near its recent highs, as both currencies traded generally lower against its American rival.

The Canadian dollar was unable to find support on rising oil prices, but came under pressure under the end of the day, as BOC’s Governor Poloz said that a lower CAD is cushioning the damage from oil’s decline.

Despite not completely comfortable with the ongoing economic situation, Poloz made no references to interest rates direction.

The 1 hour chart for the cross shows that trading has been quite choppy intraday, with the price moving back and forth around its 20 SMA, whilst the technical indicators remain stuck around their mid-lines. In the 4 hours chart, a mild positive tone prevails given that the technical indicators head higher for their mid-lines, and that the price develops above a bullish 20 SMA.

Nevertheless, intraday selling interest continues surging on approaches to the 2.0550/60 region, which means it will take a clear break above it to confirm a steadier advance.

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