After hitting its highest point in 7 months at 1.6275, GBP/CAD dropped by 60 pips and is now trading at 1.6215.
Fresh GDP data released in Canada matched analyst forecasts with a reading of 0.1% — a backwards step from its previous reading of 0.3%.
While price action maintains a negative bias, Canada GDP Annualized (QoQ) (Q3) came out at 2.9, while a consensus of analysts was expecting 1.5. Canada GDP released yesterday at 13:30 UTC is better than expected at 0.7 but down from preceding data of 0.8 according to new data.
In the meantime, negative performances are also seen in other pairs as GBP/NZD closed at 1.9208 (down 0.39%). USD/SGD slides down 0.26% to trade around 1.3709.
Though Sterling-Canadian dollar has been dropping, other pairs have been performing better: NZD/USD gained 0.45% and is currently trading at 0.6228.
Furthermore, United Kingdom Manufacturing PMI is expected tomorrow at 09:30 UTC. United Kingdom Nationwide HPI (MoM) (Nov) is scheduled for tomorrow at 07:00 UTC. United Kingdom Nationwide HPI (YoY) (Nov) will be released tomorrow at 07:00 UTC. United Kingdom BoE MPC Member Pill speech is expected today at 08:30 UTC.
Having set a significant low of 1.4665 2 months ago, Sterling-Canadian dollar is trading 10.65% higher.