During yesterday’s trading session GBP/CAD traded within the range of 1.8394-1.8473 and closed at 1.8422.
At 8:06 GMT today GBP/CAD was losing 0.08% for the day to trade at 1.8404. The pair touched a daily low at 1.8393 at 5:55 GMT.
Fundamental view
Retail Sales in the UK probably declined 0.5% in May, according to the median analysts’ estimate. In April retail sales rose 1.3%.
The indicator measures the change in the volume of sales made by retailers in the UK. The information is derived from a monthly survey among major retailers. Higher volumes of retail sales mean greater consumer demand, higher production and economic growth. This is the percentage change in the index from the previous month.
On year-over-year basis, retail sales probably jumped 4.3% last month, following a 6.9% gain in April, that was the biggest since 2002.
The Office for National Statistics is scheduled to release an official report at 8:30 GMT. Higher-than-expected readings will certainly heighten the appeal of the pound.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8465, it will probably continue up to test 1.8509. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8544.
If GBP/CAD manages to breach the first key support at 1.8386, it will probably continue to slide and test 1.8351. With this second key support broken, the movement to the downside will probably continue to 1.8307.
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