Pound to Canadian Dollar Forecast: 1.6418 in Three Months

GBPCAD has entered a downtrend that can be expected to advance over the coming weeks, but the next five days could see some consolidation as the daily chart is screaming of oversold conditions.

The Pound to Canadian Dollar exchange rate (GBPCAD) looks set for further declines according to a new analysis from Canadian bank Scotiabank, although short-term indicators suggest the pair might be reaching oversold conditions.

GBPCAD is about to break the 200-day moving average, opening the door to a determined downtrend.

GBPCAD has been edging lower through the August-September period and is now at a key support zone where failure could confirm the 2023 uptrend has likely ended.

The Pound to Canadian Dollar exchange rate was struggling for momentum near one-month highs early in the new week after an eight percent rally from February lows appeared to stall just above 1.73 in the middle of July and the risk is now of a correction entailing a setback as far as the 1.7039 area in the days or weeks ahead. 

The Pound to Canadian Dollar exchange rate climbed back to within arm’s reach of 2023 highs early in the new week but while it could remain buoyant in the short-term there is also a risk of corrective losses for Sterling and GBP/CAD if official data reveals any sign of Bank of England (BoE) interest rate taking its toll on the UK economy. 

The Pound to Canadian Dollar exchange rate entered the new week on the back foot near a major level of technical resistance on the charts and was attracting sellers ahead of the latest Bank of England (BoE) forecast update and North American job reports while risking slippage back toward the 1.96 handle.

The Pound to Canadian Dollar exchange rate has reversed sharply from some of its highest levels for more than a year and entered the new week with a nine-month uptrend hanging in the balance on the charts with the outlook hinged on whether it can hold a nearby technical support in the 1.6850 area. 

The Pound to Canadian Dollar exchange rate entered the new week at more than one-year highs but could be susceptible to a sharp corrective setback if UK inflation rolls over on Wednesday though the prospect of further declines in Canadian inflation beforehand could support GBP/CAD ahead of the midweek session.  

The second half of 2023 is "unlikely to be as good as H1" for the Canadian Dollar, says a major Canadian bank.

The Pound to Canadian Dollar exchange rate entered the new week near some of its best levels for more than a year but could soon get an opportunity to reach new highs if it's correct to interpret Wednesday's Bank of Canada (BoC) interest rate decision as something of an asymmetric downside risk for the Loonie.

New forecasts show a steady decline awaits the Canadian Dollar against the U.S. Dollar, Euro and British Pound.

The Pound to Canadian Dollar exchange rate has appeared to halt a fortnight run of losses in recent trade and opened the new month with a spring in its step but the outlook for GBP/CAD from here now hinges heavily upon whether there is a second successive distress signal from Canada's labour market this Friday.

The Pound to Canadian Dollar exchange rate headed for its June lows early in the new week where it would be retesting the technical support underpinning the recovery from last year's historic trough but whether the 1.6673 holds up through the week ahead hinges as much on the Loonie as it does the underperforming Pound.

The Canadian dollar can continue its recovery against the Pound and U.S. Dollar according to new research from global investment bank Commerzbank, which also shows a more determined advance against the Euro for 2024.

The Pound to Canadian Dollar exchange rate receded further from June highs to open the new week and potentially needs a big Bank of England (BoE) Bank Rate surprise on Thursday if it's to avoid falling back toward earlier lows around 1.6648 up ahead.

The Canadian Dollar is one of the better-performing of the major currencies of the past six weeks, but economists at a global investment bank say the currency will likely struggle over the remainder of 2023.

The Pound to Canadian Dollar exchange rate fell to its lowest since the middle of April early in the new week but could recover its losses if the Bank of Canada (BoC) elects to wait and see about the evolution of the local economy rather than to begin raising its cash rate again this Wednesday.

The Pound to Canadian Dollar exchange rate set itself on course for a fourth consecutive run of losses early in the new week but could fall as far as the round number of 1.65 in the days ahead if Sterling has further difficulty navigating an approaching minefield of domestic economic risk.

The Pound to Canadian Dollar exchange rate entered the new week near its May low and with risk tilted to the downside going into the release of important economic figures in both the UK and Canada, which could potentially see GBP/CAD slipping back to or below 1.68 in the days ahead.