GBP/CAD hovers near 32-month low

GBP/CAD edged slightly lower on Monday but overall wavered within a slim range amid thin trading conditions. The cross stretched a bit lower and hit its lowest level since November 2013 at 1.7043, although the downward move lacked follow-through.

The pound faced some pressure during the European session amid news the UK Independence Party leader, Nigel Farage, stepped down, fueling political uncertainty.

From a technical view, the daily chart shows indicators have slid into oversold levels, which might give way to a limited correction. In the 4 hours chart, the RSI hovers barely above 30 while the Momentum is heading higher below its midline, supporting the longer-term view.

Support levels: 1.7043 1.7000 1.6984. Resistance levels: 1.7210 1.7280 1.7315.