The Canadian Dollar was an under-performer on Thursday, May 25 as oil prices slid after oil-producing cartel OPEC failed to take the concrete measures required to keep prices elevated.
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The Canadian Dollar has strengthened following the release of an optimistic Bank of Canada (BOC) rate meeting statement.
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There is a growing consensus amongst analysts, as we reach the middle of the week that the Pound to Canadian Dollar has peaked and is likely to continue selling off.
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Until the end of last week, the Canadian dollar was the worst performing major currency of 2017.
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GBP/CAD has been forming what could be a ‘rounding top’ pattern and is now gently rolling over.
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The Pound to Canadian Dollar has formed a gently cambering top which is often the harbinger of doom for a pair, according to analysis from Scotiabank’s Shaun Osborne.
Read more … →The Pound may be peaking versus the Canadian Dollar as the exchange rate stalls for the fourth straight day
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