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Sep. 29, 2022

Bullish currency pair Sterling-Canadian dollar runs out of steam at 1.5032; currently at 1.5029

Live - Updated 44 minutes ago.

After dipping down to 1.4731, Sterling-Canadian dollar regains earlier losses and goes up to 1.5029.

This move comes while some more positive signs for Sterling-Canadian dollar are out as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%.

Meanwhile, Canada GDP data released today at 12:30 UTC showed continuing decline to 4.3% from a previous figure of 4.56%.

GBP/CAD made an initial breakout above its 10 day Simple Moving Average at 1.4913, a potential indicator of a newly emerging bullish phase.

Overall, looking at the technical analysis landscape, it seems Sterling-Canadian dollar might continue pointing upwards in the short term.

A look at other currencies also shows bullish price action as GBP/NZD is up 1.76%. Having closed the previous session at 156.87, GBP/JPY is up 1.04% today to currently trade at around 158.51. Having closed the previous session at 1.6987, EUR/NZD is up 0.93% today to currently trade at around 1.7144.

Positive indicators for Sterling-Canadian dollar are expected going forward as United Kingdom GDP projected to decline to -0.1 while previous data was 0.8; data will be released tomorrow at 06:00 UTC. Tomorrow at 06:00 UTC data for United Kingdom GDP will be released, with an expected decline to 2.9% from the preceding figure of 8.7%.

The market is looking forward to the release of new data: United Kingdom Nationwide HPI (MoM) (Sep) will be released tomorrow at 06:00 UTC.

Having set a significant high of 1.7345 3 days ago, Sterling-Canadian dollar is trading 1.07% lower.

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Week to date

Sterling-Canadian dollar is slightly up to 1.5029 (a 0% gain) after closing the previous session at zero .

Trading week at a glance - GBP/CAD is up to 1.5029, after closing yesterday at zero. Overall, a 0% move or 15,028 pips this week. (Trade Sterling-Canadian dollar with FXTM now).

This move comes while some more positive signs for Sterling-Canadian dollar are out as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%.

On the flip side, following a previous reading of 0.6%, Core Retail Sales in Canada released Friday fell short of the -1.2% figure expected by analysts with an actual reading of -3.1%.

At the same time, United Kingdom Manufacturing PMI came out at 48.5, while a consensus of analysts was expecting 47.5. United Kingdom Services PMI released Friday with a figure of 49.2, while the previous figure was 50.9. United Kingdom Composite PMI released Friday with a figure of 48.4, while the previous figure was 49.6.

Outlook for rest of the week: Positive indicators for Sterling-Canadian dollar are expected going forward as tomorrow at 06:00 UTC data for United Kingdom GDP will be released, with an expected decline to -0.1 from the preceding figure of 0.8. United Kingdom GDP projected to come out at 2.9% — worse than previous data of 8.7%; data will be released tomorrow at 06:00 UTC.

Elsewhere, United Kingdom Composite PMI is expected Wednesday.