Source: PaxForex Premium Analytics Portal, Fundamental Insight

The Chinese GDP for the first quarter increased by 1.6% quarterly and 5.3% annualized. Forex traders can compare this to the Chinese GDP for the fourth quarter, which rose by 1.2% quarterly and 5.2% annualized. The Chinese GDP for 2024 year-to-date increased by 5.3%. Forex traders can compare this to the Chinese GDP for 2023 year-to-date, which rose by 5.2%.

Chinese Retail Sales for March increased by 3.1% annualized. Economists predicted a rise of 5.1% annualized. Forex traders can compare this to Chinese Retail Sales for February, which expanded by 5.5% annualized.

Chinese Industrial Production for March increased by 4.5% annualized. Economists predicted an expansion of 6.0% annualized. Forex traders can compare this to Chinese Industrial Production for February, which rose 7.0% annualized.

Chinese Fixed Assets ex Rural for March expanded 4.5% annualized. Economists predicted a rise of 4.0% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for February, which increased 4.2% annualized.

The Chinese Surveyed Jobless Rate for March came in at 5.2%. Economists predicted 5.2%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for February, reported at 5.3%.

The Chinese House Price Index for March decreased by 2.2% annualized. Forex traders can compare this to the Chinese House Price Index for February, which contracted 1.4% annualized.

The UK Jobless Claims Change for March came in at 10.9K. Economists predicted a figure of 17.2K. Forex traders can compare this to the UK Jobless Claims Change for February, reported at 4.1K.

The UK Employment Change for the tri-monthly period ending in February came in at -156K, and the ILO Unemployment Rate at 4.2%. Forex traders can compare this to the UK Employment Change for January, reported at -21K, and the ILO Unemployment Rate, reported at 3.9%. Average Weekly Earnings for the tri-monthly period ending in February increased 5.6% annualized, and Average Weekly Earnings Excluding Bonuses rose 6.0% annualized. Forex traders can compare this to Average Weekly Earnings for January, which rose 5.6%, and to Average Weekly Earnings Excluding Bonuses, which increased 6.1%.

Canadian Housing Starts for March are predicted at 244.0K. Forex traders can compare this to Canadian Housing Starts for February, which came in at 253.5K.

The Canadian CPI for March is predicted to increase by 0.7% monthly and 3.1% annualized. Forex traders can compare this to the Canadian CPI for February, which rose by 0.3% monthly and 3.1% annualized. The Canadian CPI-Median for March is predicted to expand by 3.0% annualized and the Canadian CPI-Trimmed by 3.2% annualized. Forex traders can compare this to the Canadian CPI-Median for February, which rose by 3.1% annualized, and to the Canadian CPI-Trimmed by 3.2% annualized.

The forecast for the GBP/CAD is cautiously bullish, with a pending bullish crossover between the ascending Tenkan-sen and the descending Kijun-sen. The Ichimoku Kinko Hyo Cloud flatlined after the bearish momentum deflated. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator remains above zero and could reverse higher, taking price action with it. Can bulls regain control over the GBP/CAD and push this currency pair into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.

Should price action for the GBP/CAD remain inside the or breakout above the 1.7120 to 1.7160 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.7135
• Take Profit Zone: 1.7240 – 1.7290
• Stop Loss Level: 1.7090

Should price action for the GBP/CAD breakdown below 1.7120, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.7090
• Take Profit Zone: 1.6990 – 1.7025
• Stop Loss Level: 1.7120

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