The Pound to Canadian Dollar exchange rate's technical setup looks supportive of further near-term gains, but much will depend on this week's Macklem speeches and the U.S. payroll report.
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The Pound's outlook against the Canadian Dollar has undergone a significant shift in fortunes, potentially tilting from an upside bias to a downside bias in the space of just two days.
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The Canadian Dollar was sold after Canadian inflation data printed softer than expected and raised the odds of a June rate cut at the bank of Canada.
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GBP/CAD is forecast to see gains fade near 1.1710 and losses staunched close to 1.7130 in the coming week, which will be dominated by UK and Canadian inflation releases.
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The Canadian Dollar was amongst the top-performing currencies in the G10 after the Bank of Canada held its benchmark overnight rate at 5.0%, but this could have more to do with the U.S. Dollar's ra…
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The Bank of Canada is likely to verify expectations for a June rate cut at its midweek meeting, which can weigh on the Canadian Dollar say analysts.
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GBP/CAD is looking a whole lot perkier than at this same point one week ago, courtesy of that soft Canadian jobs report on Friday.
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