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Forex:GBP/CAD supported 1.5440 now eye’s 1.5600 ahead of BoE.

FXstreet.com (London) - With GBP/USD advancing and holding out at the MA10d, 1.5512, and with a market betting for no surprises from the BoE, for now, all the while the Loonie maintains a heavier tone below 1.0050, the GBP/CAD cross has been creeping higher from yesterdays lows 1.5527 and off from the 1.5550 support line throughout London’s morning session.

Housing starts came pretty much in line, 174.9k against a consensus 175k, reported down from previous 181k, which had very little impact on CAD across the board.

USD/CAD attracts support within the psychological 100.00 which will offer GBP/CAD excuses for seeking out higher levels should traders wish to take advantage.

“On the charts, USD/CAD retains a heavy tone but the short-term patterns do suggest some bargain-hunting ahead of par (200-day MA at 0.9989). Above 1.0065/70 would lift funds modestly. We remain longer-term USD/CAD bulls and still prefer to look for chances to buy”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.

At time of writing, the cross GBPCAD is lining up for a break of 1.5600 and could be the play for the next 24hrs ahead of BoE.

Traders in the US session coming up may target and line up for 1.5631 daily and 1.5665 weekly fibs.

1.5700 is of course seen as the psychological target zone for 1.5754 March highs.

Support 1.5440.

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