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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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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