The Bank of Canada will lower interest rates with two back-to-back 50 basis point interest rate cuts, which means a weaker Canadian Dollar than previously predicted.
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The Canadian Dollar was sold after inflation proved softer than markets were expecting in September.
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GBP/CAD is forecast to maintain its broader uptrend in the coming days.
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The Canadian dollar is climbing after the economy added more jobs than expected in September, lowering the likelihood of an outsized rate cut at the Bank of Canada’s upcoming meeting.
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The Pound is prone to further short-term weakness against the Canadian Dollar in the near term.
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"The Canadian dollar is acting like a petrocurrency once again, but we don’t think this will last," says Karl Schamotta, Chief Market Strategist at Corpay.
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The Canadian Dollar could strengthen if the conflict in the Middle East intensifies.
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