Sterling-Canadian dollar erases gains after it rallies beyond 1.7066 for the first time in 1 year, trading at 1.6909

After hitting its highest point in 1 year at 1.7066, GBP/CAD dropped by 157 pips and is now trading at 1.6909.

United Kingdom Manufacturing PMI is next today at 08:30 UTC.

Meanwhile, United Kingdom Nationwide HPI (MoM) (Apr) came out at 0.5, while a consensus of analysts was expecting -0.4. United Kingdom Nationwide HPI (YoY) (Apr) released today at 06:00 UTC with a figure of -2.7, while the previous figure was -3.1.

In the meantime, negative performances are also seen in other pairs as EUR/AUD is trading around 1.6381 (down 172 pips). GBP/NZD is down 117 pips from the beginning of the session and now trades around 2.0134.

Though Sterling-Canadian dollar has been dropping, other pairs have been performing better: AUD/USD leaps up 0.94% to trade around 0.6695.

Furthermore, United Kingdom Manufacturing PMI is expected today at 08:30 UTC.

Sterling-Canadian dollar is now trading 0.59% away from its significant high of 1.7018 first tested 2 days ago.