Every day Foreign exchange Information and Watchlist: GBP/CAD

In search of oil-related trades immediately?

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

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out NZD/USD’s divergence after Powell’s hawkish speech. You should definitely try if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final trading sessions:

Recent Market Headlines & Financial Information:

Powell says Fed might elevate charges extra rapidly to tame inflation

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

RBA Gov Lowe: RBA received’t reply till there may be proof of widespread value pressures

NZ Shopper confidence lowest since 2008 world monetary disaster: Westpac survey

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

Banks, power, and mining shares lead good points, oil jumps as conflict and fee hikes rattle nerves

U.Ok. 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.Ok.’s CPI at 7:00 am GMT (Mar 23)

Use our new Currency Heat Map to rapidly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

What to Watch: GBP/CAD

GBP/CAD 1-hour Forex Chart

GBP/CAD 1-hour Foreign exchange Chart

GBP/CAD has been on a downtrend since late February due to larger crude oil costs pushing CAD larger 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, nevertheless 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.Ok. is about to print its inflation knowledge. If it is available in larger than BOE is anticipating, then the central financial institution might tighten its financial insurance policies sooner and doubtless choke the financial 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 might be headed for areas of curiosity close to 1.6800 or 1.6950.

When you begin to see pink candlesticks, nonetheless, you then would possibly wish to think about that the falling wedge sample might maintain. GBP/CAD might flip decrease from its present ranges and retest the wedge help areas.

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