The balance of risks favour more upside for GBP/CAD as the falling price of oil weighs on CAD, and the UK elections on Thursday favour a conservative win.
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National Bank of Canada have told clients they remain positive on the Canadian Dollar’s prospects over the medium-term period.
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Sterling is clawing back gains against the Canadian Dollar after the pair bottomed at 1.7190 before the weekend.
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The Canadian Dollar could well undergo volatile swings in the week ahead as the standout event on the calendar is likely to be the meeting of the Oil Cartel OPEC on Thursday, June 1.
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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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