-GBPUSD is ranging between the support and resistance with both the MA below the price.

-USDCAD has formed a break and retest pattern and is inside a bullish channel signifying bullish market conditions.

UK (GBP): GROSS DOMESTIC PRODUCT (YOY)

Federal OpeGross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.  The UK’s YOY GDP came to 0.4%, a decline from the previous number which was 1.9%.

The report is due Friday, 31 March at 06:00 GMT

GBPUSD Technical Analysis:

In the higher time frame, GBPUSD is ranging, meaning not breaking highs or lows. The resistance remains at $1.24365, while support is at $1.18425.

The 50MA crossed above the 200MA forming a golden cross and showing bullish pressure. After the golden cross formation, the market rose by 2.98% but did not break the previous high.

The market went into the pullback phase and formed a low, just like earlier, around $1.18425.

The price currently is trading up after breaking the short-term previous high around $1.20894. The price is approaching the resistance while both the 50 and 200MA are below the price. The RSI line is at 56.89, showing a slightly overbought condition.

Traders here must wait for a successful break of either the support or the resistance.

Pivot Points: GBPUSD

CANADA (CAD): GROSS DOMESTIC PRODUCT (MOM)

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. Canada releases fresh GDP data on a monthly basis.  Canada’s monthly GDP declined to -0.1%.

The report is due Friday, 31 March at 12:30 GMT

USDCAD Technial Analysis:

The USDCAD chart shows the market is in control of the buyers, where after a downfall of about 3.10%, the price halted at $1.32657, forming support.

At this point, the price broke below the 50MA but still trading above the 200MA showing the overall market is bullish. The point to note here is the that the price first stopped and went up and again came back at the same price, failing to break the support and forming a long-legged Doji candle.

Doji candle signifies that the sellers are fewer in number and cannot push below and break the support. Moreover, after the Doji candle formation, the price went up by 4.32% and formed a high of $1.38621.

When the price went up, it respected the bullish trend line, broke the previous high, and then retested the broken zone. Overall the market is inside the bullish channel. Here the market may break the resistance and continue its journey upward or may break below the retest area and fall below.

At any condition, the market confidence is bullish, with both the MA below the price and the price itself trading inside the bullish channel.

Pivot Points: USDCAD

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