HomeForex MarketEvery day Foreign exchange Information and Watchlist: GBP/CAD

Every day Foreign exchange Information and Watchlist: GBP/CAD

The pound appears to be lighter after seeing sturdy U.Ok. knowledge, however can it maintain a candle to hawkish BOC expectations?

Right here’s what I’m seeing on GBP/CAD.

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out EUR/USD’s large take a look at of parity. Make sure you try if it’s nonetheless a legitimate play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Information:

U.S. IBD/TIPP Financial Optimism index improved from 38.1 to 38.5

RBNZ hiked rates of interest from 2.00% to 2.50% as anticipated

RBNZ: Will proceed to elevate OCR till inflation settles inside goal vary

U.Ok. economic system expanded by 0.5% in Could vs. projected 0.1% uptick, earlier 0.2% contraction

U.Ok. development output accelerated from 0.3% to 1.5% vs. projected 0.2% enhance

U.Ok. industrial manufacturing rebounded by 0.9% as a substitute of staying flat

Chinese language commerce surplus widened from 503B CNY to 650B CNY vs. 430B CNY forecast

U.S. headline and core CPI at 12:30 pm GMT
BOC financial coverage resolution at 2:00 pm GMT
BOC press convention at 3:00 pm GMT
Fed Beige E-book at 6:00 pm GMT
Australian jobs knowledge at 1:30 am GMT (July 14)

Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

What to Watch: GBP/CAD

GBP/CAD 1-hour Foreign exchange Chart

The BOC resolution is developing, fellas!

Will they hike by 0.75% or put the pedal to the metallic with a full 1.00% fee enhance?

Both method, the highly-anticipated occasion is predicted to deliver quite a lot of volatility for Loonie pairs, together with GBP/CAD.

I’m seeing a neat bearish channel on its hourly timeframe, with the pair inching nearer to testing the resistance. This occurs to be consistent with the 1.5600 main psychological degree, which may be sturdy sufficient to maintain beneficial properties in test.

A shallow pullback might already discover sellers on the 50% degree that’s nearer to the mid-channel space of curiosity or the 61.8% Fib that coincides with the 200 SMA dynamic inflection level.

The 100 SMA is beneath the 200 SMA to verify that the selloff is extra prone to resume than to reverse. As well as, Stochastic is already beginning to head south after reaching the overbought area.

Earlier on, the U.Ok. economic system printed a handful of upbeat mid-tier stories, which may be sufficient to elevate the pound’s spirits. Nonetheless, a hawkish BOC resolution suggesting that extra aggressive hikes are within the playing cards might imply loads of draw back for this pair.

Higher set your stops proper if you happen to’re buying and selling this one!

 

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