Forex Market: GBP/CAD daily forecast

During yesterday’s trading session GBP/CAD traded within the range of 1.8182-1.8264 and closed at 1.8203.

At 7:04 GMT today GBP/CAD was losing 0.02% for the day to trade at 1.8196. The pair touched a daily low at 1.8194 at 7:03 GMT.

Fundamental view

The final reading of the British GDP probably matched the preliminary reading of 3.1% in the first quarter compared to a year ago. The preliminary reading was estimated on May 22.

The Gross Domestic Product is an integral part of the UK public account and measures the total economic activity of the country. GDP is still referred to as one of the main “common indicators” for economic activity and presents economic growth in the last quarter. This is the third calculation of the indicator based on production data and is published twelve weeks after the end of the quarter. This is a final value of the indicator and is presented as a percentage change compared to the corresponding quarter a year earlier.

The Office for National Statistics is scheduled to release an official report at 08:30 GMT. In case, the British GDP grew at a faster-than-expected pace, sterling’s demand will be heightened.

Technical view

According to Binary Tribune’s daily analysis, in case GBP/CAD manages to breach the first resistance level at 1.8251, it will probably continue up to test 1.8298. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8333.

If GBP/CAD manages to breach the first key support at 1.8169, it will probably continue to slide and test 1.8134. With this second key support broken, the movement to the downside will probably continue to 1.8087.