9 Jan 2015
GBP/CAD firms ahead of UK Manufacturing Report
FXStreet (Mumbai) - The British pound climbed higher against the Canadian counterpart in the mid-European session, extending gains from the previous session.
Currently, the GBP/CAD traded at 1.7921 levels, up 0.40% on the day, having posted day’s low at 1.7829 levels. The sterling advanced against the Canadian dollar before UK industrial production data which is expected to have bounced back in December after a weak start to the fourth quarter of 2014, with manufacturing sector output rising.
Traders now await UK industrial production data due out shortly.
GBP/CAD Technical Levels
To the upside, the next resistance is located at 1.80 levels and above which it could extend gains to 1.8075 levels. To the downside, immediate support might be located at 1.7828 levels and below that at 1.78 levels.
Currently, the GBP/CAD traded at 1.7921 levels, up 0.40% on the day, having posted day’s low at 1.7829 levels. The sterling advanced against the Canadian dollar before UK industrial production data which is expected to have bounced back in December after a weak start to the fourth quarter of 2014, with manufacturing sector output rising.
Traders now await UK industrial production data due out shortly.
GBP/CAD Technical Levels
To the upside, the next resistance is located at 1.80 levels and above which it could extend gains to 1.8075 levels. To the downside, immediate support might be located at 1.7828 levels and below that at 1.78 levels.