GBP/CAD Live News

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GBP/CAD

Jan. 24, 2022

Stable day for GBP/CAD, trading at 1.705

Live - Updated 14 minutes ago.

After dipping down to 1.7037, GBP/CAD regains earlier losses and reaches 1.705.

This move comes while some more positive signs for GBP/CAD are out as United Kingdom Composite PMI fall short of the 55 projections, with 53.4 and continued its downward trajectory from previous figure of 53.6. United Kingdom Manufacturing PMI published today at 9:30 AM came out at 56.9, falling short of the 57.7 projections and continuing its decline from the previous 57.9 figure. United Kingdom Services PMI fall short of the 53.9 projections, with 53.3 and continued its downward trajectory from previous figure of 53.6.

As the day reaches an end a chart visual study suggests the nearest resistance level is at 1.7277. In terms of trend indicators, we can see that at 1.7066, GBP/CAD made an initial breakout above 10 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that GBP/CAD's lower Bollinger band is at 1.6963, indicating further gains might be next.

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

A look at other markets also show green moves as after 5 months and a half, EUR/NZD traded above the 1.69 levels.

At the same time, EUR/AUD broke through the 1.5851 resistance.

In the meantime, USD/HKD trades close to 7.7864, with no major change.

The market is looking forward to the release of new data: United Kingdom CBI Industrial Trends Orders (Jan) expected to decline to 22, while its preceding data was 24, data will be available tomorrow at 11:00 AM. Canada Manufacturing Sales (MoM) is expected tomorrow at 1:30 PM.

GBP/CAD had a bad year so far, losing 0.17%.

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Week to date

GBP/CAD moves to 1.705 (a 0.09% gain) after closing the previous session at 1.7035 .

A good end to the trading week, after ending the previous week at 1.7035, GBP/CAD went up to 1.7078 only to drop back to midpoint range and now trades at 1.705. (Trade GBP/CAD with FXTM now).

GBP/CAD green move comes while some more encouraging signs are out as United Kingdom Composite PMI published today at 9:30 AM came out at 53.4, falling short of the 55 projections and continuing its decline from the previous 53.6 figure. United Kingdom Manufacturing PMI fall short of the 57.7 projections, with 56.9 and continued its downward trajectory from previous figure of 57.9. United Kingdom Services PMI published today at 9:30 AM came out at 53.3, falling short of the 53.9 projections and continuing its decline from the previous 53.6 figure. United Kingdom Retail Sales published Friday came out at -3.7%, falling short of the -0.6% projections and continuing its decline from the previous 1% figure.

On the flip side, Canada Core Retail Sales published Friday came out at 1.1%, falling short of the 1.3% projections and continuing its decline from the previous 1.3% figure.

Outlook for rest of the week: The market is looking forward to the release of new data: Canada Interest Rate figure is projected at 0.25. It previously stood at 0.25; data will be released Wednesday. Canada BOC Press Conference will be released Wednesday. United Kingdom CBI Industrial Trends Orders (Jan) expected to decline to 22, while its preceding data was 24, data will be available tomorrow at 11:00 AM.

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