GBPCAD could hit 2023 peak soon, but could struggle to extend beyond. USDCAD still pointed lower.
GBPCAD has cemented itself above the 1.71 area, and a new analysis from one of Canada's most recognisable banks says the uptrend should be favoured to extend.
The Canadian Dollar extended a streak of underperformance following the release of inflation data which underscored market expectations that the next move at the Bank of Canada will be a rate cut.
Any rebound in oil prices combined with an upside surprise in Canadian inflation data could offer the Canadian Dollar some support against the Pound and U.S. Dollar over the coming days.
GBPCAD is in a near-term uptrend that can continue to extend, provided this week's inflation data out of the UK and U.S. don't throw up significant surprises.
The Pound to Canadian Dollar exchange rate (GBPCAD) has been trending higher since late September and technical studies suggest progress can continue until the 1.70/1.71 area.
The Bank of Canada is marching towards its first interest rate cut, and this will keep the Canadian Dollar on the back foot until the second half of 2024, according to a new currency research note from one of Canada's biggest banks.
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