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May 11, 2023After closing at 1.6871 yesterday, GBP/CAD began today at 1.6877 with significant bullish sentiment driving GBP/CAD's price action higher. So far today, price action has drawn out a distinct 1.6856 to 1.6916 range.
United Kingdom GDP is next today at 06:00 UTC.
At the same time, United Kingdom RICS House Price Balance (Apr) came out at -39, while a consensus of analysts was expecting -40. Canada Building Permits released yesterday at 12:30 UTC with a figure of 11.3%, while the previous figure was 5.5%.
Elsewhere, other currency pairs are also gaining ground as USD/CHF is up 0.12%.
While Sterling-Canadian dollar is up today, these currencies are lagging behind: EUR/JPY is down to 147.23, losing 24 pips, after closing at 147.47 in the preceding trading session. GBP/JPY is down 20 pips from the beginning of the session and now trades around 169.31.
Positive indicators for Sterling-Canadian dollar are expected going forward as tomorrow at 06:00 UTC data for United Kingdom GDP will be released, with an expected decline to 0.2% from the preceding figure of 0.6%.
Elsewhere, United Kingdom BoE Interest Rate Decision (May) will be released today at 11:00 UTC. United Kingdom GDP is expected tomorrow at 06:00 UTC.
Having set a peak of 1.7121 around 8 days ago, Sterling-Canadian dollar is now trading 1.46% below this level.
