Forex Market: GBP/CAD daily forecast

During yesterday’s trading session GBP/CAD traded within the range of 1.8100-1.8189 and closed at 1.8127.

At 7:59 GMT today GBP/CAD was gaining 0.2% for the day to trade at 1.8152. The pair touched a daily high at 1.8162 at 6:30 GMT.

Fundamental view

Canada’s Gross Domestic Product probably expanded 0.1% in March compared to a month ago, according to the median estimate by experts. In February, the GDP figure rose by 0.2%. Annualized GDP, on the other hand, probably advanced 2.3% in March, following a 2.5% gain in the previous month.

The indicator uses base prices and measures economic output, which is carried out within the geographical boundaries of Canada. The term “gross” in GDP equates the cost calculation method and includes expenditures incurred on revaluation of capital assets (buildings, machinery and equipment). Calculations are made for 215 different industry sectors, defined by the North American Industrial Classification System (NAICS). GDP is an indicator for the development of overall economic activity, by adding estimates of revenue and expenditure prepared by the relevant department, the system of national accounts (prepared on a monthly basis) of tables raw – finished products of the same body .

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 1.8177, it will probably continue up to test 1.8228. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8266.

If GBP/CAD manages to breach the first key support at 1.8094, it will probably continue to slide and test 1.8050. With this second key support broken, the movement to the downside will probably continue to 1.7999.