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Trading Signals

Weak sentiment sees Sterling-Canadian dollar posting 0.23% loss

13 April 2023

GBPCAD

Trading lower, GBP/CAD is currently down 38 pips as it ranges between 1.67 and 1.6795 so far today.

United Kingdom's GDP new data released of 0% below its previous figure.

On the flip side, positive data for Sterling-Canadian dollar released earlier when United Kingdom GDP published today at 06:00 UTC came out at 0%, falling short of the 0.1% projections and continuing its decline from the previous 0.4% figure. Highly important Manufacturing Production data from United Kingdom beat analyst expectations of 0.2% with a reading of 0%.

While price action maintains a negative bias, United Kingdom Monthly GDP 3M/3M Change (Feb) released today at 06:00 UTC with a figure of 0.1, while the previous figure was zero.

In the meantime, negative performances are also seen in other pairs as GBP/NZD falls 0.85% to trade around 1.9894. USD/CHF closed at 0.889 (down 0.75%).

Positive performances can be seen by looking at other currencies as NZD/USD surges 1.24% to trade around 0.6294.

Furthermore, Canada Manufacturing Sales (MoM) (Feb) scheduled to come out tomorrow at 12:30 UTC. United Kingdom Labour Productivity (Q4) is scheduled for tomorrow at 08:30 UTC. United Kingdom MPC Member Tenreyro speech is scheduled tomorrow at 15:30 UTC.

The currency pair has been trending positively for about 2 months. Sterling-Canadian dollar is now trading 14.41% away from its significant low of 1.4665 first tested 6 months ago.

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