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GBP/CAD

Dec. 1, 2023

Sterling-Canadian dollar set for strong finish today; up 0.16% to 1.7147

Live - Updated 16 minutes ago.

After closing at 1.7119 yesterday, Sterling-Canadian dollar began today at 1.7119 with significant bullish sentiment driving Sterling-Canadian dollar's price action higher. So far today, price action has drawn out a distinct 1.7003 to 1.7177 range.

At the same time, United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of -7,900, while the previous figure was -26,100. Data for Canada Employment Change published today at 13:30 UTC came out at 24,900, beating projections of 15,000 and showing improvement over the preceding figure of 17,500. Fresh Unemployment Rate data released in Canada matched analyst forecasts with a reading of 5.8 — a backwards step from its previous reading of 5.7.

Although up today, early price action saw GBP/CAD dropping below its 21 day Simple Moving Average at 1.7074 — an early indicator that a new downward trend could be emerging. Sterling-Canadian dollar could be slowing down soon as it approaches resistance at 1.7219. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Sterling-Canadian dollar is likely to reverse course and start pointing down in the short term.

While Sterling-Canadian dollar is up today, these currencies are lagging behind: EUR/AUD is down to 1.63, losing 182 pips, after closing at 1.6482 in the preceding trading session. EUR/NZD is trading around 1.7536 (down 149 pips). After ending yesterday's session at 161.3, EUR/JPY lost 156 pips and is trading around 159.74.

Trading mostly sideways for 2 months. Sterling-Canadian dollar has appreciated 282.78% over the past six months.

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Week to date

Stalemate for Sterling-Canadian dollar bulls and bears .

A good end to the trading week, GBP/CAD is up to 1.7147, after closing yesterday at zero. Overall, a 0% move or 17,146 pips this week. (Trade Sterling-Canadian dollar with FXTM now).

At the same time, Canada Employment Change came out at 24,900, better than analyst estimates of 15,000 and improving upon the previous reading of 17,500. Fresh Unemployment Rate data released in Canada matched analyst forecasts with a reading of 5.8 -- a backwards step from its previous reading of 5.7. United Kingdom Manufacturing PMI came out at 47.2, while a consensus of analysts was expecting 46.7. United Kingdom Nationwide HPI (MoM) (Nov) released today at 07:00 UTC with a figure of 0.2, while the previous figure was 0.9. United Kingdom Nationwide HPI (YoY) (Nov) came out at -2.

Also worthy of note, Canada Interest Rate figure is projected at five. It previously stood at five; data will be released Wednesday. United Kingdom Composite PMI figure is projected at 50.1. It previously stood at 48.7; data will be released Tuesday. United Kingdom Services PMI is expected Tuesday.

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