GBP/CAD (week of 26-30/09)

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Weekly Summary

After ending yesterday at 1.5443, Sterling-Canadian dollar inches up to 1.5443 (up 15,443 pips) .

A good end to the trading week, GBP/CAD is up to 1.5443, after closing yesterday at zero. Overall, a 0% move or 15,443 pips this week. (Trade Sterling-Canadian dollar with FXTM now).

Sterling-Canadian dollar upside coincides with further encouraging market factors as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%.

On the flip side, data for United Kingdom GDP released today at 06:00 UTC is better than expected with 0.2, but worse than previous figure of 0.8. Highly important GDP data from United Kingdom beat analyst expectations of 2.9% with a reading of 4.4%.

At the same time, United Kingdom CFTC GBP speculative net positions released today at 19:30 UTC with a figure of -46,400, while the previous figure was -54,800. United Kingdom Current Account (Q2) came out at -33.80 billion, while a consensus of analysts was expecting -43.8 billion.

Outlook for rest of the week: Positive indicators for Sterling-Canadian dollar are expected going forward as Canada Employment Change is projected to outperform its last figure with 20,000. It previously stood at -39,700; data will be released Friday. Thursday data for United Kingdom Construction PMI will be released, with an expected decline to 48 from the preceding figure of 49.2.

Furthermore, the market is looking at United Kingdom Composite PMI figure is projected at 48.4. It previously stood at 48.4; data will be released Wednesday.

Sep. 30, 2022

Bullish currency pair Sterling-Canadian dollar runs out of steam at 1.545; currently at 1.5443

(23:45) GMT

After closing the previous trading day at 1.5209, Sterling-Canadian dollar went up to 1.545 only to drop back; still positive overall today, now trading at 1.5443.

Sterling-Canadian dollar upside coincides with further encouraging market factors as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%.

On the flip side, United Kingdom GDP released today at 06:00 UTC is better than expected at 0.2 but down from preceding data of 0.8 according to new data. Highly important GDP data from United Kingdom beat analyst expectations of 2.9% with a reading of 4.4%.

Although up today, early price action saw GBP/CAD dropping below its 50 day Simple Moving Average at 1.5223 — an early indicator that a new downward trend could be emerging. Bollinger band analysis indicates that current price action is approaching the upper band at 1.5517, thereby suggesting that Sterling-Canadian dollar is becoming overvalued. Despite this, price action overcame a known Fibonacci resistance level at 1.5443 by around 1 pips with prices hammering out a 1.515 – 1.545 session range. Sterling-Canadian dollar broke through the 1.5398 resistance, climbing 45 pips above it.

Technical analysis suggests there could be an imminent reversal for Sterling-Canadian dollar.

A look at other currencies also shows bullish price action as EUR/NZD is up 2% to 1.7509. USD/CHF added 1.22% to its value, now trading at 0.9873.

At the same time, AUD/USD is down to 0.6404, losing 95 pips, after closing at 0.65 in the preceding trading session.

Having set a significant high of 1.7345 4 days ago, Sterling-Canadian dollar is trading 3.71% lower.

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