The corrective selloff in the Pound to Canadian Dollar exchange rate might be coming to an end, but Canadian and U.S. job figures out at the end of the week will have the final say.
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The Canadian Dollar jumped after Canadian inflation unexpectedly rose in May and prompted investors to question whether the Bank of Canada could cut interest rates any further.
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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.
Read more … →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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