UK Core Retail Sales for July decreased 2.4% monthly and increased 1.8% annualized. Economists predicted an increase of 0.3% and 5.7%. Forex traders can compare this to UK Core Retail Sales for June, which increased 0.3% monthly and 6.8% annualized.
UK Public Sector Net Borrowing for July was reported at £9.620B and UK Public Sector Net Cash Requirements at -£2.290B. Forex traders can compare this to UK Public Sector Net Borrowing for June, reported at £20.730B, and UK Public Sector Net Cash Requirements, reported at £11.193B.
Canadian Retail Sales for June are predicted to increase 4.4% monthly, and Canadian Core Retail Sales are predicted to increase 4.6% monthly. Forex traders can compare this to Canadian Retail Sales for May, which decreased 2.1% monthly, and Canadian Core Retail Sales, which decreased 2.0% monthly.
The forecast for the GBP/CAD turned bearish for the short-term after extending a powerful rally. Traders should prepare for a minor sell-off, but the long-term uptrend is intact, and price action can move higher. The Tenkan-sen is advancing, while the Kijun-sen started to drift higher. Positive trends also exist in the Ichimoku Kinko Hyo Cloud, and after this currency pair corrects into it, an extension of the advance is likely to follow. After the CCI accelerated into extreme overbought territory, traders should await a pullback and remain patient.
Should price action for the GBP/CAD remain inside the or breakdown below the 1.7500 to 1.7570 zone, recommended the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7535
- Take Profit Zone: 1.7200 – 1.7260
- Stop Loss Level: 1.7620
Should price action for the GBP/CAD breakout above 1.7570, recommended the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7620
- Take Profit Zone: 1.7720 – 1.7780
- Stop Loss Level: 1.7570
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