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Jan. 31, 2023

Weak sentiment sees Sterling-Canadian dollar posting 0.48% loss

Live - Updated 28 minutes ago.

Sterling-Canadian dollar remains constrained within a 1.6443 to 1.6588 range and is currently trading around the 1.645 level.

Amid the market gloom, Canada's GDP published today at 13:30 UTC came out at 0.1%. The fresh reading lived up to analyst expectations as well as matching the previous month's figure.

GBP/CAD made an initial break below its 21 day Simple Moving Average at 1.6455, a possible indication of a forthcoming negative trend. Sterling-Canadian dollar formed a session range of 1.6443 to 1.6588 leaving buyers and sellers highly concentrated around an active Fibonacci support level of 1.6513. In contrast, Sterling-Canadian dollar could begin to recover as it approaches significant support, now 9 pips away from 1.6441. Dipping below could be an indication that further losses are ahead.

Looking forward, Sterling-Canadian dollar is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are seen in other pairs, GBP/JPY closed at 160.04 (down 0.61%). USD/CHF is down to 0.9205, losing 45 pips, after closing at 0.925 in the preceding trading session. GBP/NZD slides down 0.36% to trade around 1.903.

Furthermore, United Kingdom Manufacturing PMI is expected tomorrow at 09:30 UTC. United Kingdom Nationwide HPI (MoM) (Jan) scheduled to come out tomorrow at 07:00 UTC. United Kingdom Nationwide HPI (YoY) (Jan) will be released tomorrow at 07:00 UTC.

Having established significant support at 1.4665 approximately 4 months ago, Sterling-Canadian dollar's share price has bounced 12.72% higher.

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Week to date

Sterling-Canadian dollar shifts up to 1.645, after ending the last session at zero (down 0%) .

Trading week at a glance - GBP/CAD is up to 1.645, after closing yesterday at zero. Overall, a 0% move or 16,450 pips this week. (Trade Sterling-Canadian dollar with FXTM now).

At the same time, Canada's GDP published today at 13:30 UTC came out at 0.1%. The fresh reading lived up to analyst expectations as well as matching the previous month's figure. Canada Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. United Kingdom CFTC GBP speculative net positions released Friday with a figure of -23,900, while the previous figure was -24,700. Canada Wholesale Sales (MoM) released Thursday with a figure of -1.8, while the previous figure was 0.5. Fresh Labour Productivity (Q3) data from United Kingdom came out at 0.9.

Also worthy of note, United Kingdom Construction PMI is projected to outperform its last figure with 49.6, having previously been at 48.8. The figure will be published Monday.

The market is looking forward to the release of new data: United Kingdom BoE Interest Rate Decision (Jan) is scheduled for Thursday. United Kingdom Composite PMI is expected Friday.