News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇬🇧 Retail Sales ex Fuel YoY (DEC) Actual: 6.4 Expected: 7% Previous: 5.6% https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇬🇧 Retail Sales YoY (DEC) Actual: 2.9 Expected: 4% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇬🇧 Public Sector Net Borrowing (DEC) Actual: £-34.1B Expected: £-32.1B Previous: £-31.6B https://www.dailyfx.com/economic-calendar#2021-01-22
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/ilKRhYHSkh
  • Heads Up:🇬🇧 Retail Sales ex Fuel YoY (DEC) due at 07:00 GMT (15min) Expected: 7% Previous: 5.6% https://www.dailyfx.com/economic-calendar#2021-01-22
  • Heads Up:🇬🇧 Retail Sales YoY (DEC) due at 07:00 GMT (15min) Expected: 4% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2021-01-22
  • Heads Up:🇬🇧 Public Sector Net Borrowing (DEC) due at 07:00 GMT (15min) Expected: £-32.1B Previous: £-31.6B https://www.dailyfx.com/economic-calendar#2021-01-22
  • (Commodities Briefing) Gold and Crude Oil Prices Watching the US Dollar as the Weekend Nears #Gold #CrudeOil #WTI #EIA #API https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/01/22/Gold-and-Crude-Oil-Prices-Watching-the-US-Dollar-as-the-Weekend-Nears.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Eify3TUKu6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 71.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jtjTR8N4zt
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.02% 🇯🇵JPY: -0.08% 🇦🇺AUD: -0.27% 🇨🇦CAD: -0.28% 🇳🇿NZD: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hFqGDBGPZR
A GBP/CAD Set-up All Traders Can Agree on

A GBP/CAD Set-up All Traders Can Agree on

Liam McMahon, Head Forex Trading Instructor

Talking Points:

  • Outstanding UK Economic Data
  • Divergent BoE/BoC Monetary Policies
  • Bullish Technical Case for GBP/CAD

GBPCAD can be a challenging pair to trade, but its current set-up is extremely attractive to longer-term macro traders. The Bank of England (BoE) is toeing the line between neutral and hawkish monetary policy, and the vast majority of recent UK data has been outstanding, with the clear bright spot being the latest UK labor market numbers.

UK jobless claims recently posted their strongest reading in a dozen years, and have now declined for 12 consecutive months and beaten expectations for six straight months. UK unemployment data is especially significant due to the impact on the UK’s quantitative easing (QE) program.

See also: A UK Labor Report 12 Years in the Making

The Bank of Canada (BoC), on the other hand, remains firmly in the neutral policy camp, and the most recent employment report from Canada suggests the Bank will remain there for some time.

While the Canadian unemployment rate surprisingly fell below 7.0%, it did so despite a weaker participation rate as more and more unemployed leave the labor force. This is usually a sign of frustration with the labor market and is not good news for Canada. Add to that weaker PMI figures and worse-than-expected building permits for this month and we get a picture of a stagnant Canadian economy.

Such a disparity between the nations’ economies and central bank policies means that we will be seeing interest rate expectations favor the British pound (GBP) over the Canadian dollar (CAD) going forward.

Bullish Technical Case for GBP/CAD

From a technical context, GBPCAD has been consolidating sideways since August 2010 after a significant decline. That consolidation came to an end earlier this fall, when the pair broke higher on GBP strength and CAD neutrality, and that trend looks likely to continue in the medium to long term.

Guest Commentary: GBP/CAD Upward Momentum to Continue

A_GBPCAD_Set-up_All_Traders_Can_Agree_on_body_GuestCommentary_LMcMahon_October21A.png, A GBP/CAD Set-up All Traders Can Agree on

The major support level for GBPCAD is now 1.6250, while the move looks to target at least 1.92 over the coming months. This is an attractive set-up for long-term traders looking to limit their exposure to the US dollar (USD).

By Liam McMahon, currency strategist, GlobalFxClub.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES