GBPCAD faces strong support around 1.7300 level, markets eye BOC
GBPCAD has halted its 1-week of downside on Apr 22nd and shown a nice recovery. The pair has formed minor bottom around 1.7300 and jumped till 1.74414 yesterday. It is currently trading around 1.72400.
GBP is trading lower against all major on Brexit uncertainty.GBPUSD breaks 200 day MA at 1.29650 and hits low of 1.29150. It is currently trading around 1.29515. BOC monetary policy meeting which is to be released today will have major impact on CAD. The rising oil price is supporting Canadian dollar.
The near term support is around 1.7380 and any break below will take the pair to next level till 1.7340/1.7300. Any minor weakness only below 1.7300.
On the higher side, any break above 1.74595 (61.8% fib) confirms minor bullishness a jump till 1.7500/1.75495.
It is good to buy on dips around 1.7345-50 with SL around 1.7300 for the TP of 1.7450.