Expectations for further BoC rate hikes may be too optimistic and investors could be underestimating challenges posed to the economy by higher interest rates.
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The Canadian Dollar will probably take its cue from GDP and labour market data in the coming week, whilst The Pound will move according to Brexit negotiations - the charts remain marginally bullish…
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A succesful renegotiation is still seen as most likely but break-up risk will increase once beyond March 2018, raising the threat level for the Canadian Dollar.
Read more … →The highlights of the week ahead are the conclusion of trade talks between the US and Canada and the UK Autumn Budget, whilst the charts are showing a tentative uptrend advancing higher.
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A breakup of the NAFTA block could see the USD/CAD rate go past 1.3225 which, in turn, which could help push Pound-to-Canadian-Dollar much higher.
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Broader financial markets have shrugged off the oil price rise a temporary phenomenom, the Canadian economy is slowing and the BoC has turned dovish.
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The Pound-to-Canadian Dollar has corrected back recently but analysts think this may just be a temporary pull-back before the pair resumes its short-term uptrend.
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