GBP/CAD (week of 19-23/09)

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GBP/CAD

Weekly Summary

After ending yesterday at 1.4744, Sterling-Canadian dollar improves slightly to 1.4744 (down 14,743 pips) .

A good end to the trading week, GBP/CAD is up to 1.4744, after closing yesterday at zero. Overall, a 0% move or 14,743 pips this week. (Start trading Sterling-Canadian dollar at FXTM today).

Nevertheless, Core Retail Sales in Canada fell short of market expectations (-1.2%) with a reading of -3.1%, continuing the decline from the previous figure of 0.6%.

Meanwhile, United Kingdom Manufacturing PMI came out at 48.5, while a consensus of analysts was expecting 47.5. United Kingdom Services PMI released today at 08:30 UTC with a figure of 49.2, while the previous figure was 50.9. United Kingdom Composite PMI released today at 08:30 UTC with a figure of 48.4, while the previous figure was 49.6. United Kingdom BoE Interest Rate Decision (Sep) released yesterday at 11:00 UTC with a figure of 2.25, while the previous figure was 1.75.

Outlook for rest of the week: Positive indicators for Sterling-Canadian dollar are expected going forward as United Kingdom GDP is expected Friday.

Also worthy of note, Thursday data for Canada GDP will be released, with an expected decline to -0.1% from the preceding figure of 0.1%.

Also worthy of note, United Kingdom Current Account (Q2) scheduled to come out Friday.

Sep. 23, 2022

Sterling-Canadian dollar down to 1.4735 for the first time in 12 years

(23:45) GMT

Sterling-Canadian dollar reaches its lowest point in 12 years after dropping 443 pips to 1.4735.

Highly important Core Retail Sales data from Canada beat analyst expectations of -1.2% with a reading of -3.1%.

Amid the market gloom, United Kingdom Manufacturing PMI released today at 08:30 UTC with a figure of 48.5, while the previous figure was 47.3. United Kingdom Services PMI came out at 49.2, while a consensus of analysts was expecting 50.

GBP/CAD made an initial break below its 21 day Simple Moving Average at 1.5126, a possible indication of a forthcoming negative trend. Sterling-Canadian dollar is currently flirting with an active Fibonacci support level around 1.5025. On the other hand, note that Sterling-Canadian dollar could begin to recover as it approaches significant support, now 121 pips away from 1.4622. Dipping below could be an indication that further losses are ahead. Bollinger bands shows an indication of recovery: the lower band is at 1.4796, a low enough level to, generally, suggest that Sterling-Canadian dollar is trading below its fair value.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Sterling-Canadian dollar.

In the meantime, negative performances are seen in other pairs, GBP/USD is down to 1.0848, losing 411 pips, after closing at 1.126 in the preceding trading session. GBP/NZD is trading around 1.8885 (down 378 pips). GBP/JPY tumbles 2.98% to trade around 155.53.

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