Chapter 26 GBPCAD is Trending up to break the supply zone
16/11/2022
Summary
CPI inflation news drives the markets today
Fundamental analysis
After CPI inflation news has been released today for both currencies
We can see the market has expected inflation for the Canadian dollar which is lead to a weakness in the CAD at 6.9% On the other hand market was expecting the inflation rates in the pound at 10.7% But the result shows 11.1% Which is more than expected
U.K. CPI YoY (Oct)
Canada CPI MoM (Oct)
Technical analysis
As we see on the 1H chart the price is now above the 20 moving average following the daily trend uptrend in the 1H uptrend with the 20 moving average now pointing up we expect the market to push to the Previous supply zone
