GBP/CAD Lower

GBP/CAD is trading to the downside in today's session after an impressive rally made in the second half of January. The pair reached a high of 1.6624 a few days ago when it started declining as the trend exhausted. Since then, the pair has not been able to continue moving North and bears reached a low of 1.6405.

Currently, price is not too far away from the lowest low indicating that it may try to reach it as a support zone and first bear target. Should this happen, GBP/CAD might test the next support level at 1.6310.

On the other hand, PM Theresa May is about to hold talks with Pres Trump on agreements on mutual trade. The talks may have positive impact on the Sterling which would drive GBP/CAD up to a possible first target at 1.6680.

Chart: GBP/CAD H4