Sterling-Canadian dollar set for strong finish this afternoon; up 0.69% to 1.6593 with 2 hours before close

Published: January 25 2023, 21:11 GMT+0

Sterling-Canadian dollar set for strong finish this afternoon; up 0.69% to 1.6593 with 2 hours before close

After ending the previous trading day at 1.6479, GBP/CAD went up to 1.6615 only to drop back; still positive overall today, now trading at 1.6593.

Meanwhile, Canada Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. United Kingdom Services PMI released yesterday at 09:30 UTC with a figure of 48, while the previous figure was 49.9. Fresh Composite PMI data from United Kingdom came out at 47.8.

A look at other currencies also shows bullish price action as GBP/NZD leaps up 0.83% to trade around 1.913.

At the same time, after ending yesterday's session at 1.3194, USD/SGD lost 64 pips and is trading around 1.3129. USD/CHF is down 44 pips from the beginning of the session and now trades around 0.918.

Furthermore, the market is looking at United Kingdom Labour Productivity will be released tomorrow at 09:30 UTC. Canada Wholesale Sales (MoM) is scheduled for tomorrow at 13:30 UTC.

As things stand, Sterling-Canadian dollar is 12.37% away from a significant low of 1.4665 first set 3 months ago.

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