GBP/CAD Live News

This page provides live coverage and news analysis on the GBP/CAD currency pair

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GBP/CAD

Mar. 3, 2021

GBP/CAD eyes United Kingdom Composite PMI today at 9:30 AM, moves to 1.7632

Live - Updated 39 minutes ago.

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.

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Week to date

After starting the week at 1.7737, GBP/CAD slides down to 1.7632 (down 105 pips) .

As the trading week gets on its way, GBP/CAD remains in the 1.7632 range after starting the week at 1.7737 and dropping 105 pips. (Start trading GBP/CAD at FXTM today).

Taking a wider perspective, performance of these other symbols usually suggests a setback for GBP/CAD as at $1,708.4, Gold is down to its lowest value in 8 months. At 1.5196, EUR/CAD is down to its lowest value in 8 months.

Positive performance, however, can be seen looking at other symbols as the Dollar/Yen rallies beyond 106.96 for the first time in 7 months. Crude oil made its largest single-week drop ($3.17) since October 2020. Dollar/Swiss hit 0.9194, highest rate in 4 months and a half.

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