GBP/CAD (week of 12-16/09)

Advertiser Disclaimer

Top8forexbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate.Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Top8forexbrokers does not bear any responsibility for any trading losses you might incur as a result of using this data.
Top8forexbrokers or anyone involved with Top8forexbrokers will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Home

Live News

GBP/CAD

Weekly Summary

After ending the previous trading session at zero, Sterling-Canadian dollar inches up to 1.5144 (down 0%) .

A good end to the trading week, GBP/CAD is up to 1.5144, after closing yesterday at zero. Overall, a 0% move or 15,144 pips this week. (Start trading Sterling-Canadian dollar at FXTM today).

Uptick comes while some more positive signs for Sterling-Canadian dollar are out as following a previous reading of 0.4%, Retail Sales in United Kingdom released today at 06:00 UTC fell short of the -0.5% figure expected by analysts with an actual reading of -1.6%. Highly important Manufacturing Production data from United Kingdom beat analyst expectations of 0.4% with a reading of 0.1%.

Nevertheless, highly important Average Earnings Index +Bonus data from United Kingdom beat analyst expectations of 5.4 with a reading of 5.5.

Meanwhile, United Kingdom Consumer Price Index released Wednesday with a figure of 9.9%, while the previous figure was 10.1%. United Kingdom Claimant Count Change (Aug) came out at 6,300, while a consensus of analysts was expecting -13,200.

Furthermore, the market is looking at Canada Core Retail Sales expected to decline to -1.1% while its preceding data was 0.8%, data will be available Friday.

Also worthy of note, United Kingdom BoE Interest Rate Decision (Sep) is expected Thursday. United Kingdom Composite PMI is expected Friday.

Sep. 16, 2022

Risk-off sentiment sees Sterling-Canadian dollar posting 0.17% loss

(23:45) GMT

Sterling-Canadian dollar recovering almost all the way back to 1.517 today, after dipping down to 1.5083.

On the flip side, Retail Sales in United Kingdom fell short of market expectations (-0.5%) with a reading of -1.6%, continuing the decline from the previous figure of 0.4%.

Amid the market gloom, United Kingdom CFTC GBP speculative net positions released today at 19:30 UTC with a figure of -68,100, while the previous figure was -50,400. Canada Housing Starts (Aug) came out at 267,400, while a consensus of analysts was expecting 265,000.

GBP/CAD made an initial break below its 21 day Simple Moving Average at 1.517, a possible indication of a forthcoming negative trend.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Sterling-Canadian dollar to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Sterling-Canadian dollar is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are seen in other pairs, GBP/NZD is down to 1.9058, losing 160 pips, after closing at 1.9218 yesterday. GBP/JPY drops 0.8% to trade around 163.21.

Though Sterling-Canadian dollar has been dropping, other pairs have been performing better: having closed the previous session at 0.8723, EUR/GBP is up 0.52% today to currently trade at around 0.8768.

Having set a significant low of 1.4935 6 days ago, Sterling-Canadian dollar is trading 1.57% higher.

trade on the GBP/CAD

Previous
Weekly Analysis Next
Weekly Analysis