After dipping down to 1.6655, GBP/CAD regains earlier losses and reaches 1.6808.
Sterling-Canadian dollar is currently trading at 1.6808 following the release of Composite PMI data from the United Kingdom.
At the same time, United Kingdom Services PMI released today at 08:30 UTC with a figure of 52.9, while the previous figure was 53.5. United Kingdom Composite PMI came out at 52.2, while a consensus of analysts was expecting 52.2. Canada Building Permits released yesterday at 12:30 UTC with a figure of 8.6%, while the previous figure was -3.7%.
A look at other currencies also shows bullish price action as having closed the previous session at 1.6216, EUR/AUD is up 0.98% today to currently trade at around 1.6376.
At the same time, AUD/USD is trading around 0.6686 (down 70 pips). GBP/JPY goes down 0.26% to trade around 164.11.
Positive indicators for Sterling-Canadian dollar are expected going forward as projections for United Kingdom Construction PMI are set for a continuation of decline with 53.5 while previous data was 54.6; data will be released tomorrow at 08:30 UTC.
Furthermore, the market is looking at as things stand, upcoming Canada Employment Change data is projected to fall short of market expectations with newly published data of 12,000, following on from the preceding figure of 21,800. New data is set to be published tomorrow at 12:30 UTC.
Also worthy of note, Canada Ivey PMI (Mar) is expected tomorrow at 14:00 UTC.
The currency pair has been trending positively for about a month. Having set a significant low of 1.4665 6 months ago, Sterling-Canadian dollar is trading 14.6% higher.