Sterling-Canadian dollar retracted 19 pips from 6 months high and trades at 1.6161

Published: November 25 2022, 16:46 GMT+0

Sterling-Canadian dollar retracted 19 pips from 6 months high and trades at 1.6161

GBP/CAD rallied to 1.618, hitting its highest point in 6 months. It later lost 19 pips and is now trading at 1.6161.

At the same time, United Kingdom CBI Industrial Trends Orders (Nov) came out at -5, while a consensus of analysts was expecting -8.

A look at other currencies also shows bullish price action as USD/JPY is up 0.49%. USD/CHF is up 0.35%. EUR/JPY increases 0.38% to trade around 144.8.

Furthermore, the market is looking at United Kingdom CFTC GBP speculative net positions scheduled to come out today at 19:30 UTC.

Having set a significant low of 1.4665 a month ago, Sterling-Canadian dollar is trading 10.13% higher.

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