The Pound has registered two consecutive weekly declines against the Canadian Dollar and could see further weakness in the coming days and weeks.
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The Pound is tipped to retreat from near multi-year highs against the Canadian Dollar by analysts at Macro Hive, who think the UK currency is expensive relative to fundamentals.
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The scale of the Pound's fall against the Canadian Dollar last Friday was significant and we wonder if it has dented what was one of global FX's best-defined uptrends.
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Momentum remains firmly in favour of further GBP/CAD strength, but the odds of a correction from overbought conditions are increasing.
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The Bank of Canada will deliver a succession of rate cuts in the coming months, weighing on the Canadian Dollar, say analysts.
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The Canadian Dollar fell across the board after the Bank of Canada cut interest rates and Governor Macklem said it was reasonable to expect further cuts if inflation continues to fall.
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Currency strategists at Bank of America say they prefer to be 'short' the Canadian Dollar heading into the Bank of Canada decision.
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