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30 Sep 2013
GBP/CAD printing 3-year highs
FXstreet.com (Chicago) - GBP/CAD extends wins after reaching 3-year highs above 1.6680. The pair approached the 1.67 level when caressing 1.6692 but failed to resist bearish pressure.
Data recap
Earlier in the UK, the FTSE100 closed down 0.77% despite improved housing market data with mortgage approvals higher at 62.226K vs. estimates at 61.350K and past results at 60.914K. In Canada, the GDP (MoM) results were 0.6% vs. past -0.5% and expected 0.5%.
GBP/CAD Technical Levels
The pair is offered at 1.6677 and oscillates between the supports aligned at 1.6517 (September 2010) 1.6410 (July 2011), 1.6168 (November 2012) and the resistances set at 1.71 (February 2010 highs), 1.7294 (January 2010 highs) and 1.7321 (May 2009 lows). According to TDS research, “the pair’s sustained break out from the consolidation range between 1.63/1.65 still looks significant (reinforced by the high weekly close Friday). The longer-term trend studies (daily, weekly, monthly) are all aligned bullishly now, reinforcing the bullish outlook and suggesting that short-to-medium term pullbacks will be limited from here (perhaps no more than 1.6400/50).We think the market will head for the 1.70 area —possibly quite quickly.”
Data recap
Earlier in the UK, the FTSE100 closed down 0.77% despite improved housing market data with mortgage approvals higher at 62.226K vs. estimates at 61.350K and past results at 60.914K. In Canada, the GDP (MoM) results were 0.6% vs. past -0.5% and expected 0.5%.
GBP/CAD Technical Levels
The pair is offered at 1.6677 and oscillates between the supports aligned at 1.6517 (September 2010) 1.6410 (July 2011), 1.6168 (November 2012) and the resistances set at 1.71 (February 2010 highs), 1.7294 (January 2010 highs) and 1.7321 (May 2009 lows). According to TDS research, “the pair’s sustained break out from the consolidation range between 1.63/1.65 still looks significant (reinforced by the high weekly close Friday). The longer-term trend studies (daily, weekly, monthly) are all aligned bullishly now, reinforcing the bullish outlook and suggesting that short-to-medium term pullbacks will be limited from here (perhaps no more than 1.6400/50).We think the market will head for the 1.70 area —possibly quite quickly.”