During yesterday’s trading session GBP/CAD traded within the range of 1.8415-1.8562 and closed at 1.8430.
At 6:48 GMT today GBP/CAD was gaining 0.05% for the day to trade at 1.8428. The pair touched a daily high at 1.8449 at 4:15 GMT.
Fundamental view
Canada’s Gross Domestic Product probably expanded 0.2% during February compared to January, according to the median estimate by experts, as in the previous month, the GDP figure rose by 0.5%. Annualized GDP, on the other hand, advanced 2.5% in January and is expected to have remained intact in February. The official figures are to be announced at 12:30 GMT. A faster than expected pace of economic growth would certainly heighten the appeal of the Canadian currency.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8523, it will probably continue up to test 1.8616 In case the second key resistance is broken, the pair will probably attempt to advance to 1.8670.
If GBP/CAD manages to breach the first key support at 1.8376, it will probably continue to slide and test 1.8322. With this second key support broken, the movement to the downside will probably continue to 1.8229.
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