The Canadian Dollar was sold across the board as fissures in Canada's jobs market opened, leading to increased bets the Bank of Canada can no longer afford to delay cutting interest rates.
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There is a definite feel in the air that the Pound's outlook against the Canadian Dollar has flipped to the downside amidst strengthening U.S. data and rising oil prices.
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The data shows the Canadian Dollar tends to benefit from strong seasonal dynamics in April.
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The Pound to Canadian Dollar exchange rate is likely to pull back to a key support level in the short term, but the multi-week setup remains constructive.
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The Canadian Dollar fell after it was reported Canadian inflation was softer than markets were expecting in February, opening the door to Bank of Canada rate cuts.
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GBP/CAD hit its highest level in years just last week, but there has been no follow-through, meaning this could be a pivotal week for the pair.
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A major Canadian bank predicts more noticeable Canadian Dollar weakness over the coming months as the Bank of Canada confronts the reality that interest rates are too restrictive.
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