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    GBP/CAD consolidates above 1.8300

    The GBP/CAD cross turned sharply higher this Wednesday, up to 1.8361 its highest for the week and holding nearby at the end of the day.  Much of the advance has been due to falling oil prices, which put the Canadian dollar under strong selling pressure.The commodity traded as low as $47.54 a barrel at the beginning of the day, as the API report released late Tuesday showed that inventories rose, but oil turned higher in the US afternoon after the EIA released its weekly petroleum status report, showing a drawdown of 933K barrels in the week ending June 10th. West Texas Intermediate crude oil futures seesawed above 48.00 ahead of the FOMC announcement, to fall down to  $47.26 afterwards, a fresh 4-week low, holding nearby at the end of the day.GBP/CAD technical view“The pair has turned bullish short term, as in the 1 hour chart, the 20 SMA heads strongly higher below the current level, whilst the technical indicators present upward slopes near overbought levels,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the Momentum indicator eases within positive territory, but the RSI indicator maintains a strong upward slope around 59, in line with further gains for this Thursday.”Support levels: 1.8360 1.8300 1.8240. Resistance levels: 1.8380 1.8440 1.8490.


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