Mar. 3, 2021
GBP/CAD today at a glance – GBP/CAD trading at 1.7632 with no clear-cut direction, ranging between 1.7643 and 1.7622. The United Kingdom Composite PMI is next today at 9:30 AM. (Start trading GBP/CAD at FXTM today).
GBP/CAD technical analysis picture ahead of data: visual analysis of the GBP/CAD's price graph shows the GBP/CAD resistance level is at 1.7762. In terms of trend indicators, we can see that at 1.7639, GBP/CAD made an initial breakout above the 21 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that the upper Bollinger band is at 1.779, indicating a downward move might be next.
Overall, the technical analysis suggests GBP/CAD is neutral for the immediate future, with no clear-cut direction.
As the market gets ready for data release – After starting the session at 13,588.83, NASDAQ lost 230.04 points and is trading around 13,358.79.
Earlier data releases related to GBP/CAD – data for Canada GDP Annualized (QoQ) (Q4) released yesterday at 1:30 PM is better than expected at 9.6, but worse than the previous figure of 40.6. Data for Canada's GDP was released yesterday at 1:30 PM suggests a downwards trend at 2.3, while the previous data was 8.9.
GBP/CAD – United Kingdom Services PMI is projected to outperform last figure with 49.7, while it previously stood at 39.5, data will be released today at 9:30 AM. The United Kingdom Construction PMI is projected to outperform the last figure with 51, while it previously stood at 49.2, figure will be published tomorrow at 9:30 AM.