During Friday’s trading session GBP/CAD traded within the range of 1.8341-1.8452 and closed at 1.8357, losing 0.29 for the day.
At 7:04 GMT today GBP/CAD was adding 0.12% for the day to trade at 1.8384. The pair touched a daily high at 1.8392 at 6:20 GMT.
Fundamental view
Activity in United Kingdom’s sector of construction probably slowed down in July, with the corresponding PMI coming in at 62.0, down from 62.6 in June, that was the strongest since January. The index is based on a survey, encompassing managers of companies, operating in construction sector. They are asked about their estimate regarding current business conditions (new orders, output, employment, demand in the future). Values above the key level of 50.0 signify that activity in the sector has expanded. Higher than projected readings would certainly heighten the appeal of the pound. The Chartered Institute of Purchasing and Supply (CIPS) is to announce the official reading at 8:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.8383. In case GBP/CAD manages to breach the first resistance level at 1.8426, it will probably continue up to test 1.8494. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8537.
If GBP/CAD manages to breach the first key support at 1.8315, it will probably continue to slide and test 1.8272. With this second key support broken, the movement to the downside will probably continue to 1.8204.
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