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GBP/CAD testing the1.550 handle

FXstreet.com (London) - The pair has been trading off the lows from the NY session overnight in Asia but failed to breach resistance 1.5490 and drifted lower back to support 1.5460.

As the dollar was fuelled once again by bids the GBP/CAD was lifted as USD/CAD rose higher. In the European session, GBP/CAD is testing the 1.5500 handle with momentum and hourly EMA10 up with support at 1.5477. To the down side, Cable is being tested at 1.5200 with a low of 1.5197 which may cap much further action to the upside in the cross. GBP/CAD has taken a hit from the highs 1.5577 in yesterdays trade with strong offers at the top of the price action and psychological 1.5600 territory, lasted printed earlier in the month in a descending channel from 1.5825, 25th April highs. Eyes are on FED speeches in the afternoon, USD CPI at 13.30 while Canadian BoC review comes at 15.30.

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