| 
May 18, 2023Struggling to find upward momentum, GBP/CAD has shed 32 pips to currently trade at 1.6765 as it ranges between 1.6719 and 1.6814 so far today.
Sterling-Canadian dollar is currently trading at 1.6765 following the release of BoE MPC Treasury Committee Hearings data from the United Kingdom.
While price action maintains a negative bias, Canada New Housing Price Index (MoM) (Apr) came out at -0.1, while a consensus of analysts was expecting -0.1. Canada Foreign Securities Purchases (Mar) released yesterday at 12:30 UTC with a figure of -19 billion, while the previous figure was 6.47 billion.
In the meantime, negative performances are also seen in other pairs as after ending yesterday's session at 1.0845, EUR/USD lost 77 pips and is trading around 1.0767.
Though Sterling-Canadian dollar has been dropping, other pairs have been performing better: USD/SGD rallies 0.5% to trade around 1.3484. USD/CHF leaps up 0.7% to trade around 0.9047.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for Canada Core Retail Sales are set for a continuation of decline with -0.8% while previous data was -0.7%; data will be released tomorrow at 12:30 UTC.
Furthermore, tomorrow at 12:30 UTC data for Canada Retail Sales will be released, with an expected decline to -1.4% from the preceding figure of -0.2%. United Kingdom MPC Member Haskel speech scheduled to come out tomorrow at 09:45 UTC.
Sterling-Canadian dollar is now trading 1.89% away from its significant high of 1.7121 first tested 15 days ago.
