Sterling-Canadian dollar set for strong finish today; up 0.63% to 1.6584

Published: January 25 2023, 20:25 GMT+0

Sterling-Canadian dollar set for strong finish today; up 0.63% to 1.6584

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 1.6584.

At the same time, 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. United Kingdom Composite PMI released yesterday at 09:30 UTC with a figure of 47.8, while the previous figure was 49.

Other currencies are also rising as GBP/NZD is up 0.87% to 1.9137.

At the same time, USD/SGD is trading around 1.3134 (down 60 pips). USD/CHF is down to 0.9184, losing 41 pips, after closing at 0.9225 in the preceding trading session.

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

After setting a supportive marker at 1.4665 around 3 months ago, Sterling-Canadian dollar is now trading 12.37% above this level.

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