FxWirePro: GBP/CAD trades weaker, upbeat UK CPI data fails to impress pound

GBP/CAD chart - Trading View 

Technical Analysis: Bias Bullish

GBP/CAD was trading 0.15% lower on the day at 1.7608 at around 11:45 GMT, pauses 3 straight sessions of gains. 

Data released by the ONS earlier today showed UK annualised Consumer Prices Index (CPI) came in at +0.7% in January when compared to +0.6%in December, beating expectations at +0.5%.

Core inflation gauge arrived at +1.4% YoY in January versus +1.4% booked in November, also beating the consensus forecast of +1.3%.

On a month-on-month basis figures showed that the UK consumer prices arrived at -0.2% in January vs. -0.4% expectations and +0.3% prior.

The pound sterling failed to benefit from upbeat UK inflation data, remains on the back foot across the board.

Rising crude oil prices keep the CAD supported, weighing on the pair. Canadian inflation data due 13:30 GMT later today will be watched for further direction.

Technical bias is bullish. GMMA indicator shows strong bullish bias on the daily and weekly charts. 

Price action is testing Channel top resistance. Breakout above could buoy bulls. Scope for test of 1.80 levels.