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May 04, 2023After hitting its highest point in 1 year at 1.7145, GBP/CAD dropped by 121 pips and is now trading at 1.7023.
Sterling-Canadian dollar is currently trading at 1.7023 following the release of Ivey PMI (Apr) data from the Canada.
While price action maintains a negative bias, Canada Ivey PMI (Apr) came out at 56.8, while a consensus of analysts was expecting 59. United Kingdom Composite PMI released today at 08:30 UTC with a figure of 54.9, while the previous figure was 52.2. Fresh Services PMI data from United Kingdom came out at 55.9.
In the meantime, negative performances are also seen in other pairs as EUR/NZD crashes 1.25% to trade around 1.7541. EUR/CAD is trading around 1.491 (down 143 pips). GBP/NZD drops 0.72% to trade around 2.0023.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming Canada Employment Change data is projected to fall short of market expectations with newly published data of 20,000, following on from the preceding figure of 34,700. New data is set to be published tomorrow at 12:30 UTC. United Kingdom Construction PMI is projected to outperform its last figure with 51. It previously stood at 50.7; data will be released tomorrow at 08:30 UTC.
Furthermore, Canada Unemployment Rate expected to decline to 5.1 while its preceding data was five, data will be available tomorrow at 12:30 UTC. United Kingdom CFTC GBP speculative net positions is scheduled for tomorrow at 20:30 UTC.
Having set a peak of 1.7121 around a day ago, Sterling-Canadian dollar is now trading 0.18% below this level.
