{"id":61483,"date":"2019-11-01T08:45:58","date_gmt":"2019-11-01T12:45:58","guid":{"rendered":"https:\/\/currencylive.com\/?p=61483"},"modified":"2019-11-01T09:50:27","modified_gmt":"2019-11-01T13:50:27","slug":"101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\/","title":{"rendered":"GBP\/CAD: Pair Trades Above 1.7060 Amid Slowing UK Manufacturing Contraction"},"content":{"rendered":"<p>GBP\/CAD edges up on Friday on positive UK manufacturing data. The pair has increased by 0.21% so far, to 1.7065 as of 10:13 AM UTC. Thus, the price action carries on with an uptrend that took off on October 29.<\/p>\n<p>Judging by the 30 min chart, GBP\/CAD is moving inside what seems to be an ascending triangle, which is regarded as a bullish pattern. However, the timeframe is too small to be considered for accurate forecasts.<\/p>\n<p>The pair now ponders the next move after the UK published the purchasing managers\u2019 index (PMI) in the manufacturing sector while Canada recently released its slightly disappointing GDP growth update.<\/p>\n<h2>UK Manufacturing Contraction Slows<\/h2>\n<p>The British manufacturing PMI, published by market research firm IHS Markit in collaboration with the Chartered Institute of Procurement &amp; Supply (CIPS), rose last month to 49.6 from 48.3 in September, beating analysts\u2019 forecasts. This is the highest figure since April.<\/p>\n<p>Nevertheless, the index is still below 50 points, which acts as the dividing line between contraction and growth, for the sixth month in a row.<\/p>\n<p>The increase in manufacturing activity was caused by companies rushing to stockpile ahead of what was expected to be another Brexit deadline.<\/p>\n<p>Nevertheless, the UK parliament didn\u2019t allow Prime Minister Boris Johnson to handle the withdrawal process according to his plans, forcing him to request another extension from EU leaders. Thus, the deadline was moved to January 31, 2020.<\/p>\n<h2>Canada\u2019s GDP Grows Less Than Expected<\/h2>\n<p>Yesterday, Statistics Canada reported that the country\u2019s economy gained only 0.1% in August, while economists anticipated an increase of 0.2% after a flat reading in July. In total, 14 out of 20 industrial sectors expanded on the month, while the rest declined. In annual terms, the GDP gained 1.3% as of August.<\/p>\n<p>The statistics agency reported that goods-producing industries expanded by 0.2% in August, after two negative months. Elsewhere, services-producing sectors added 0.1% on the month.<\/p>\n<p>Canada&#8217;s manufacturing sector expanded by 0.5%, mainly driven by higher sales. Durable manufacturing rose 1.0%, while non-durable manufacturing dropped by 0.2%.<\/p>\n<p>Earlier this week, the Bank of Canada decided to leave the interest rate at the same level, though it turned to a more dovish stance.<\/p>\n<table style=\"height: 132px;\" width=\"1043\">\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F61483&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-61179 aligncenter\" style=\"padding-top: 15px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/10\/transferwise-keep_your_money-generic-655x110.png\" alt=\"\" width=\"655\" height=\"110\" srcset=\"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/10\/transferwise-keep_your_money-generic-655x110.png 655w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/10\/transferwise-keep_your_money-generic-655x110-300x50.png 300w\" sizes=\"auto, (max-width: 655px) 100vw, 655px\" \/><\/a><\/p>\n<h6 style=\"text-align: center;\">Advertisement<\/h6>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<div class=\"td-post-content tagdiv-type\">\n<h6><em>Currencylive.com<\/em><em>\u00a0is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (\u201cWe\u201d, \u201cUs\u201d), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/CAD edges up on Friday on positive UK manufacturing data. The pair has increased by 0.21% so far, to 1.7065 as of 10:13 AM UTC. Thus, the price action carries on with an uptrend that took off on October 29. Judging by the 30 min chart, GBP\/CAD is moving inside what seems to be an [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":47126,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1379],"tags":[1396,1680,1770,1683,1394,1454,1771],"class_list":{"0":"post-61483","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-gbp","9":"tag-boris-johnson","10":"tag-cad","11":"tag-canada-gdp","12":"tag-canadian-dollar","13":"tag-gbp","14":"tag-pmi","15":"tag-statistics-canada"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/CAD: Pair Trades Above 1.7060 Amid Slowing UK Manufacturing Contraction - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/CAD: Pair Trades Above 1.7060 Amid Slowing UK Manufacturing Contraction\",\"datePublished\":\"2019-11-01T12:45:58+00:00\",\"dateModified\":\"2019-11-01T13:50:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\\\/\"},\"wordCount\":605,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/canadian-dollar-gbp-canadian-elections.jpg\",\"keywords\":[\"boris johnson\",\"cad\",\"canada gdp\",\"canadian dollar\",\"gbp\",\"pmi\",\"Statistics Canada\"],\"articleSection\":[\"CAD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101384-gbp-cad-trades-above-1-7060-amid-slowing-uk-manufacturing-contraction\\\/\",\"name\":\"GBP\\\/CAD: Pair Trades Above 1.7060 Amid Slowing UK Manufacturing Contraction - 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