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The Canadian Dollar recovered lost ground from the Pound and some other currencies in midweek trade after Statistics Canada said the local economy ground to a halt at the end of the second quarter but likely rebounded in April, placing the Bank of Canada (BoC) under a spotlight.
The Pound to Canadian Dollar exchange rate opened the holiday-shortened week near its May lows with a clearer inflection and deeper correction potentially underway on the charts but one that could yet be reversed by Wednesday's release of economic growth data in Canada.
The Pound to Canadian Dollar exchange rate set itself on course for a fourth consecutive run of losses early in the new week but could fall as far as the round number of 1.65 in the days ahead if Sterling has further difficulty navigating an approaching minefield of domestic economic risk.
The Canadian Dollar underperformed other major currencies in the final session of the week but benefited after Statistics Canada figures suggested retail sales and consumer spending likely helped to support the local economy last quarter.
The Canadian Dollar outperformed most other currencies in the penultimate session of the week but some measures suggest it’s notably undervalued in pairs like USD/CAD and GBP/CAD, which might be more appropriately valued closer to 1.26 and 1.60 respectively.
The Pound to Canadian Dollar exchange rate entered the new week near its May low and with risk tilted to the downside going into the release of important economic figures in both the UK and Canada, which could potentially see GBP/CAD slipping back to or below 1.68 in the days ahead.
The Pound to Canadian Dollar exchange rate held near the middle of a probable short-term range in the final session of the week but next Wednesday's Canadian inflation figures could see it breaking down toward either 1.67 up ahead, or climbing in the direction of 1.72 instead.
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