During yesterday’s trading session GBP/CAD traded within the range of 1.8243-1.8311 and closed at 1.8270. At 6:53 GMT today GBP/CAD was losing 0.12% for the day to trade at 1.8252. The pair touched a daily low at 1.8249 at 5:00 GMT.
Fundamental view
The number of approved loans for house purchases in the country probably decreased to 41 000 in May from 42 173 in the preceding month. The British Bankers’ Association will release the official figure at 8:30 GMT.
The indicator is closely watched by traders and other market players as it can be seen as a gauge of the health of the British housing market. The indicator includes more than 50% of the total mortgage market in the UK.
In case, the number of approved mortgages falls less than expected, this would boost sterlings demand.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8306, it will probably continue up to test 1.8343. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8374.
If GBP/CAD manages to breach the first key support at 1.8238, it will probably continue to slide and test 1.8207. With this second key support broken, the movement to the downside will probably continue to 1.8170.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
