GBP/CAD chart - Trading View
- GBP/CAD has pared losses and has edged higher after upbeat UK services PMI data.
- UK Markit's Services PMI increased to 51.3 in February from 50.1 in the previous month, beating expectations at 49.9.
- GBP/CAD edged higher from lows of 1.7571 and is trading at 1.7590 after hitting session highs at 1.7603.
- Markets remain wary ahead of a scheduled meeting between UK Brexit Secretary Barclay, Attorney General Cox and the European Union's Chief Brexit negotiator Michel Barnier.
- BoE Governor Mark Carney’s testimony on Brexit, inflation, and the economy before the House of Lords Economic Affairs Committee will also be in focus.
- The pair has retraced from 8-month highs at 1.7629 hit on Monday's trade, bias bullish.
- Technical indicators are biased higher. Price action has broken above weekly cloud and major EMAs.
- Next major bull target lies at 200-W SMA at 1.7754. Break above to see further upside.
- Immediate support is seen at 5-DMA at 1.7530. Break below could see weakness till 20-DMA at 1.7254.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
