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Forex Market: GBP/CAD daily outlook

During yesterday’s trading session GBP/CAD traded within the range of 1.8385-1.8502 and closed at 1.8401.

At 8:23 GMT today GBP/CAD was losing 0.24% for the day to trade at 1.8364. The pair touched a daily low at 1.8360 at 8:13 GMT.

Fundamental view

Retail sales in the United Kingdom probably rose at a monthly pace of 0.5% in February, according to the median forecast of experts, following a 1.5% drop in January. Annualized retail sales probably climbed 2.4% last month, after another 4.3% gain in January.

Retail sales are a key indicator, providing clues over the tendency in consumer spending, while the latter is a driving force behind economic growth. A larger than projected rate of increase would certainly provide support to the pound.

Annualized retail sales, excluding volatile fuel expenditures, probably increased 2.9% in February, after a 4.8% gain during the preceding month. The official numbers are scheduled to be released at 9:30 GMT.

Technical view

gbp-cad

According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8474, it will probably continue up to test 1.8546. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8591.

If GBP/CAD manages to breach the first key support at 1.8356, it will probably continue to slide and test 1.8312. With this second key support broken, the movement to the downside will probably continue to 1.8240.

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