Is it the end of Sterling-Canadian dollar's rally? After six days of gains, it is down by 0.26% today

GBP/CAD drops from 1.6806 to 1.6762, losing 43 pips (0.26%) today.

While price action maintains a negative bias, 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 Trade Balance (Feb) released today at 12:30 UTC with a figure of 420 million, while the previous figure was 1.2 billion.

In the meantime, negative performances are also seen in other pairs as after ending yesterday's session at 144.21, EUR/JPY lost 109 pips and is trading around 143.11. EUR/USD is down to 1.09, losing 60 pips, after closing at 1.096 in the preceding trading session. GBP/JPY closed at 163.53 (down 0.61%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as Canada Employment Change projected to come out at 12,000 — worse than previous data of 21,800; data will be released tomorrow at 12:30 UTC.

Moreover, tomorrow at 08:30 UTC data for United Kingdom Construction PMI will be released, with an expected decline to 53.5 from the preceding figure of 54.6.

Furthermore, Canada Ivey PMI (Mar) is scheduled for tomorrow at 14:00 UTC.

The currency pair has been trending positively for about a month. After setting a supportive marker at 1.4665 around 6 months ago, Sterling-Canadian dollar is now trading 14.6% higher.