GBP/CAD reclaims 1.8300 mark ahead of Canadian CPI, retails sales data

The GBP/CAD pair rose to day's high of 1.8314 as pound bucks the overall weakness witnessed across other major currencies.

Of late, some profit taking move in crude has led minor weakness for loonie, which awaits the release of CPI and retails sales data to decide its next move.

Seems to extend recovery momentum

Technically, the pair seems all set to continue with the momentum towards 1.8350-55 horizontal resistance, which if conquered could assist it to extend its appreciating move towards its next major resistance near 1.8400-1.8410 area.

On the downside, 1.8240-35 area seems to have emerged as immediate support and only a decisive break back below this immediate support might negate expectations of any further up-move. Below 1.8240-35 support, the pair seems vulnerable to drop back towards the recent multi-month low levels support near 1.8100, tested during April. The weakness could further get extended, even below 1.8000 psychological mark support, towards 1.7965-60 region.