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

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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.

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