GBP/CAD Live News

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Jun. 24, 2021

GBP/CAD continues trading sideways, currently at 1.7166

Live - Updated 39 minutes ago.

More of the same: on a back of a month of trading sideways Today's session so far looks to be heading in a similar way – GBP/CAD drops from 1.7183 to 1.7166, losing 17 pips (0.1%).

This limbo state for GBP/CAD is reflected by market data published as Canada Core Retail Sales fall short of the -5% projections, with -7.2% and continued its downward trajectory from previous figure of 4.3%. United Kingdom Services PMI fall short of the 63 projections, with 61.7 and continued its downward trajectory from previous figure of 62.9. United Kingdom Composite PMI fall short of the 62.8 projections, with 61.7 and continued its downward trajectory from previous figure of 62.9.

In terms of trend indicators, we can see that at 1.71, GBP/CAD made an initial breakout below the 50 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the upper Bollinger band is at 1.7233, indicating a downward move might be next. However GBP/CAD might start to recover soon because it is getting close and is now only 115 pips from support line at 1.705, obviously dipping below it could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems GBP/CAD might be pointing down in the short term.

While GBP/CAD is pretty flat so far today, mixed performances are seen elsewhere as USD/HKD trades around 7.7631, with no major change. Nasdaq up 109.9 points to 14,382 building up on its four days of gains.

Data to be released later might clear up some of the fog for GBP/CAD as United Kingdom CFTC GBP speculative net positions will be released tomorrow at 7:30 PM.

GBP/CAD started the year by losing 1.18%. Looking at the long term behavior shows GBP/CAD has been trading sideways for the last 11 months.

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Week to date

GBP/CAD retreats 92 pips from 2 months high .

Trading week in a glance - GBP/CAD slides down to 1.7166, following mixed behavior this week, as it ranges between 1.7057 and 1.7259. (Trade GBP/CAD with FXTM now).

This downslide might be related to financial indicators data published earlier as Canada Core Retail Sales fall short of the -5% projections, with -7.2% and continued its downward trajectory from previous figure of 4.3%. Data for United Kingdom Manufacturing PMI released yesterday at 8:30 AM is better than expected with 64.2, but worse than previous figure of 65.6.

On the flip side, positive data for GBP/CAD released earlier when United Kingdom Services PMI published yesterday at 8:30 AM came out at 61.7, falling short of the 63 projections and continuing its decline from the previous 62.9 figure. United Kingdom Composite PMI published yesterday at 8:30 AM came out at 61.7, falling short of the 62.8 projections and continuing its decline from the previous 62.9 figure. United Kingdom Retail Sales fall short of the 1.6% projections, with -1.4% and continued its downward trajectory from previous figure of 9.2%.

In the meantime negative performances are also seen in other symbols, Pound/Yen dropped to 151.29, hitting a 8 weeks low.

Positive performance however can be seen looking at other symbols as GBP/NZD hits 1.996, highest rate in 10 months. USD/SGD hits 1.3476, highest price in 2 months.