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June 30, 2023Tentatively higher from an earlier low of 1.6688, GBP/CAD is up to 1.6802 today, adding 92 pips, or 0.55%, to yesterday's closing price of 1.671.
United Kingdom GDP hits expectations with new data of 0.1.
Sterling-Canadian dollar upside coincides with further encouraging market factors as fresh GDP data released in United Kingdom matched analyst forecasts with a reading of 0.2% — a backwards step from its previous reading of 0.6%.
At the same time, new United Kingdom GDP data was unchanged from the previous month and matched analyst projections of a reading of 0.1. GDP in Canada fell short of market expectations (0.2%) with a reading of 0%, continuing the decline from the previous figure of 0.1%.
Elsewhere, other currency pairs are also gaining ground as GBP/USD is up 0.73% to 1.2702. NZD/USD jumps 0.81% to trade around 0.6118. GBP/JPY gained 0.53% and is currently trading at 183.47.
Also worthy of note, Canada BoC Business Outlook Survey scheduled to come out today at 14:30 UTC. United Kingdom CFTC GBP speculative net positions is scheduled for today at 20:30 UTC.
As things stand, Sterling-Canadian dollar is 13.94% away from a significant low of 1.4665 first set 9 months ago.
