GBP/Canadian dollar is still in a weak position and was offered moderately around 1.6990 early Friday.

The cross currency pair set a monthly high on the previous day, and then retreated from the 50-day moving average. In doing so, a bearish rotating top candlestick can be observed in the daily time frame, indicating further weakness in quotes.

However, the resistance line close to 1.6970 seven weeks ago limited the immediate decline of the currency pair.

Also acting as a downward filter is the October low of 1.6890. Breaking through this point will lead the quotes to fall near the annual bottom of 1.6720.

Or, the daily closing price near the 50-day EMA near 1.7040 needs to be verified from the 1.7090 level to target the 1.7190-7200 resistance area, including the 200-day EMA and multiple tops marked in late September and early October.

If the GBP/CAD bulls maintain a dominant position above 1.7200, the lows near 1.7275 at the end of August will become the focus.

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The euro is still on the defensive below 1.1300 against the dollar, slightly above the 16-month low of 1.1250 touched on Friday. In the new European COVID-19 panic, the hawkish Fed is expected to continue to support the US dollar. 

As risk sentiment improved, the pound against the dollar rebounded to 1.3450 before the European market opened. However, with the strengthening of the U.S. dollar and continued Brexit concerns, further gains seem elusive. Bailey of the Bank of England played down inflation concerns, focused on risk trends and Brexit.

Gold reversed the Asian session and fell to a low of nearly two weeks. For the last time, it hovered near the high end of the daily trading range, slightly below the $1,850 level. 

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