During yesterday’s trading session GBP/CAD traded within the range of 1.8287-1.8418 and closed at 1.8312.
At 6:39 GMT today GBP/CAD was adding 0.03% for the day to trade at 1.8308. The pair touched a daily high at 1.8334 at 5:45 GMT.
Fundamental view
The cost of living in the UK probably rose 1.6% in June from a year ago, according to the median analyst’ estimate. The Consumer Price Index (CPI) is the main measure of inflation in the UK for macroeconomic purposes and forms the basis of the inflation target set by the government. Every month about 120 000 samples are made, examining the change in prices of about 650 products. They represent the “market basket” of goods and services to the index itself. This is the percentage change compared to the same month a year earlier.
Core consumer prices probably increased 1.7% in June, compared to the same month a year ago, following a 1.6% gain in the previous month. The core CPI, measures the change in prices of goods and services purchased by consumers, as they are taken out volatile components such as food, energy products, alcohol and tobacco. This is the percentage change compared to the same month a year earlier.
The Office for National Statistics will publish the official figures at 08:30 GMT. Better-than-expected readings will provide support to the sterling.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8391, it will probably continue up to test 1.8470. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8522.
If GBP/CAD manages to breach the first key support at 1.8261, it will probably continue to slide and test 1.8208. With this second key support broken, the movement to the downside will probably continue to 1.8129.
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