Bullish currency pair Sterling-Canadian dollar runs out of steam at 1.6627; currently at 1.6616

Published: January 26 2023, 01:20 GMT+0

Bullish currency pair Sterling-Canadian dollar runs out of steam at 1.6627; currently at 1.6616

Marginally higher but lacking a clear-cut direction, GBP/CAD is trading at 1.6616 after ranging between 1.6584 and 1.6627 today.

At the same time, Canada Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. United Kingdom PPI Input (MoM) (Dec) released yesterday at 07:00 UTC with a figure of -1.1, while the previous figure was 0.6.

While Sterling-Canadian dollar is up today, these currencies are lagging behind: EUR/JPY closed at 140.97 (down 0.27%). GBP/JPY is down 43 pips from the beginning of the session and now trades around 160.16. USD/JPY is down to 129.19, losing 31 pips, after closing at 129.51 in the preceding trading session.

The market is looking forward to the release of new data: United Kingdom Labour Productivity scheduled to come out today at 09:30 UTC. Canada Wholesale Sales (MoM) is scheduled for today at 13:30 UTC. United Kingdom CFTC GBP speculative net positions is scheduled for tomorrow at 20:30 UTC.

After setting a supportive marker at 1.4665 around 4 months ago, Sterling-Canadian dollar is now trading 13.13% above this level.

Back