During yesterday’s trading session GBP/CAD traded within the range of 1.8489-1.8577 and closed at 1.8516.
At 08:05 GMT today GBP/CAD was gaining 0.04% for the day to trade at 1.8522. The pair touched a daily high at 1.8537 at 7:10 GMT.
Fundamental view
At 10:00 GMT, the Confederation of British Industry will release the results from its monthly CBI distributive survey. The index will probably jump to 17 this month, from 13 in the previous. The indicator reflects the short-term trends in the sectors of retail and wholesale in the UK. The indicator is closely watched by the Bank of England as it weighs on the formulation of the central bank’s and the government’s economic policy. This is a highly valuable barometer of trade on the main streets. It represents a survey among executives and managers and regards sales, orders and inventories.
A higher than projected reading will heighten pound’s appeal.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8566, it will probably continue up to test 1.8615 In case the second key resistance is broken, the pair will probably attempt to advance to 1.8654.
If GBP/CAD manages to breach the first key support at 1.8478, it will probably continue to slide and test 1.8439. With this second key support broken, the movement to the downside will probably continue to 1.8390.
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