During yesterday’s trading session GBP/CAD traded within the range of 1.8238-1.8290 and closed at 1.8244.
At 6:50 GMT today GBP/CAD was losing 0.06% for the day to trade at 1.8234. The pair touched a daily low at 1.8219 at 2:30 GMT, breaching the first key support.
Fundamental view
The number of employed people in Canada probably increased by 26 000 last month compared to May, according to the median forecast by experts. In May compared to April, the number of employed in the country rose by 25 800. Creation of new job positions is considered of utmost importance for consumer spending. In case employment in the country increases more than expected, the loonie would be supported.
In addition, the rate of unemployment in Canada probably remained unchanged at 7.0% in June. Lower than expected unemployment would have a bullish effect on Canadian dollar. Statistics Canada is expected to release its official report at 12:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8277, it will probably continue up to test 1.8309. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8329.
If GBP/CAD manages to breach the first key support at 1.8225, it will probably continue to slide and test 1.8205. With this second key support broken, the movement to the downside will probably continue to 1.8173.
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