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HomeCrypto CurrencyForexEach day Foreign exchange Information and Watchlist: GBP/CAD

Each day Foreign exchange Information and Watchlist: GBP/CAD

In search of oil-related trades right this moment?

Try GBP/CAD’s falling wedge sample and see if you can also make pips from the sample holding or breaking out!

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out NZD/USD’s divergence after Powell’s hawkish speech. Make sure you try if it’s nonetheless a sound play!

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

Recent Market Headlines & Financial Knowledge:

Powell says Fed may elevate charges extra shortly to tame inflation

Goldman sees Fed mountain climbing charges by 50 bps at Might, June conferences

RBA Gov Lowe: RBA received’t reply till there’s proof of widespread worth pressures

NZ Client confidence lowest since 2008 international monetary disaster: Westpac survey

UK public borrowing greater at 13.1B GBP vs. 8.1B GBP anticipated in February

Banks, power, and mining shares lead positive aspects, oil jumps as warfare and fee hikes rattle nerves

U.Okay. CBI industrial order expectations at 11:00 am GMT
ECB President Lagarde to speak of the way forward for cash within the Eurosystem at 1:15 pm GMT
SNB Chairman Jordan to offer a speech at 3:15 pm GMT
BOJ’s core CPI at 5:00 am GMT (Mar 23)
U.Okay.’s CPI at 7:00 am GMT (Mar 23)

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

What to Watch: GBP/CAD

GBP/CAD 1-hour Foreign exchange Chart

GBP/CAD has been on a downtrend since late February because of greater crude oil costs pushing CAD greater and tensions within the euro area lowkey dragging GBP.

Can the bears lengthen their momentum?

The pair is now buying and selling inside a falling wedge sample. Not solely that, however it’s additionally testing the sample’s resistance close to the 100 and 200 SMAs on the 1-hour timeframe!

The prospect of EU members imposing sanctions on Russian oil has raised oil costs. This might enhance CAD throughout the board and drag GBP/CAD from the wedge resistance space.

In the meantime, the U.Okay. is about to print its inflation knowledge. If it is available in greater than BOE is anticipating, then the central financial institution may tighten its financial insurance policies sooner and doubtless choke the economic system’s progress.

Watch how GBP/CAD reacts to its present resistance zone. If the pair begins sustainably buying and selling above the wedge and the SMAs, then it could possibly be headed for areas of curiosity close to 1.6800 or 1.6950.

In case you begin to see pink candlesticks, nevertheless, then you definately may wish to take into account that the falling wedge sample could maintain. GBP/CAD may flip decrease from its present ranges and retest the wedge assist areas.

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