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Old 05-22-2018, 03:45 AM
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Default GBP/CAD eyeing 1.7400 handle, surges 100 pips as core retail sales dropped

The GBP/CAD currency cross is trading at around 1.7362 up 0.31% on Friday as the Canadian retail sales and inflation data came out below market expectation.

The GBP/CAD cross find an Asian ceiling at 0.7360 and then slid down throughout the European session ahead of the Canadian data. After which the pound to cad, jumped about 120 pips as the Candian core retail sales disappointed the market.

In fact, Canadaís retail sales month-on-month beat marketís expectations at 0.6% against 0.4% forecast in April but the core retail sales came below consensus at -0.3% against 0.5% month-on-month. However, the Bank of Canada Core Consumer Price Index (CPI) year-on-year in April came above consensus at 1.5% versus 1.4% expected by analysts. The GBP/CAD in an immediate reaction bounced more than 100 pips and is now trading in the 1.7370 area

On the geopolitical front, the NAFTA (the North American Free Trade Agreement) deadlines have been pushed back and new dates have been confirmed yet. "The NAFTA countries are nowhere near close to a deal... There are gaping differences. We, of course, will continue to engage in negotiations, and I look forward to working with my counterparts to secure the best possible deal for American farmers, ranchers, workers, and businesses," said Robert Lighthizer, United States Trade Representative.
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