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April 14, 2023
GBP/CAD is grinding lower from 1.6703 to 1.6607, shedding 96 pips (0.58%) today.
In contrast, positive data for Sterling-Canadian dollar reported earlier when highly important GDP data from United Kingdom beat analyst expectations of 0.1% with a reading of 0%. United Kingdom Manufacturing Production released earlier showed a marked improvement to 0% from the preceding data of -0.1%, but fell short of the 0.2% figure forecast by a consensus of market analysts.
While price action maintains a negative bias, United Kingdom Monthly GDP 3M/3M Change (Feb) came out at 0.1, while a consensus of analysts was expecting zero.
In the meantime, negative performances are also seen in other pairs as AUD/USD is trading around 0.67 (down 86 pips). After ending yesterday's session at 0.63, NZD/USD lost 94 pips and is trading around 0.6205.
Positive performances can be seen by looking at other currencies as having closed the previous session at 1.3222, USD/SGD is up 0.7% today to currently trade at around 1.3314.
Furthermore, United Kingdom CFTC GBP speculative net positions scheduled to come out today at 20:30 UTC.
The currency pair has been trending positively for about 2 months. Having set a peak of 1.6807 around 10 days ago, Sterling-Canadian dollar is now trading 0.62% below this level.
