GBPCAD showing a minor weakness after hitting high of 1.70579. The Jump was mainly due to weakness in Canadian dollar after dovish BOC. Bank of Canada has kept its interest rates unchanged at 1.75% and abandoned future rate hike reference from its statement. The central bank lowered its growth forecasts for 2019 from 1.7% to 1.2%. pair has formed minor bottom around 1.7315 and jumped sharply. It is currently trading around 1.73825.
The Brexit pessimism and rising oil prices to drag GBPCAD lower in coming days.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 sell on rallies around 1.7435-40 with SL around 1.7500 for the TP of 1.7300.
