Pound to Canadian Dollar Forecast: 1.7239 in Three Months

The Pound to Canadian Dollar exchange rate has shown signs of stabilising above the nearby 1.54 level but could continue to have difficulty sustaining rallies when near to the 1.56 handle if the Loonie and North American counterparts remain outperformers of other major currencies in the days ahead.

The Pound to Canadian Dollar exchange rate entered the new week on the front foot but could struggle to extend its early advance by much in the days ahead unless an action packed UK economic calendar is able to foment a further improvement in market appetite for Sterling. 

The Pound to Canadian Dollar exchange rate remains in the grip of gravity and could be at risk of probing beneath the 1.55 handle afresh in the week ahead if Wednesday’s Bank of Canada (BoC) policy decision provides the Loonie with inspiration for fresh gains over other currencies. 

The Pound to Canadian Dollar rate’s mid-June recovery has been all but scuppered and it now risks remaining suppressed near around 1.55 in the days ahead unless market appetite for the U.S. Dollar and other positively correlated currencies ebbs. 

Quebec based Desjardins Bank are forecasting a steady decline in the value of the Canadian Dollar through the remainder of 2022.

The Pound to Canadian Dollar exchange rate may be in the process of attempting to reverse a steep multi-month decline but it has so far been stymied by technical resistance around 1.5932 on the charts and may now be likely to consolidate its recent gains near the 1.58 handle in the week ahead

The Pound to Canadian Dollar exchange rate may be in the early stages of a corrective recovery that could reverse a more meaningful portion of its multi-month slide, according to technical analysis from Scotiabank, which could see GBP/CAD trading up toward 1.65 in the weeks ahead.

"In a calm FX market, we think CAD would be king" - BMO Capital.

The Pound to Canadian Dollar rate is showing signs of stabilisation following a multi-month decline and could be likely to hold above the nearby 1.57 level in the days ahead, although much depends on price action in USD/CAD as well as economic figures emerging from the UK and Canada. 

The Pound to Canadian Dollar rate slipped to a fresh 10-year low in the opening session of the new week but could fall further over the coming days if the Loonie remains more resilient to the rallying U.S. Dollar and crumbling risk appetite in global markets ahead of Thursday's Bank of England (BoE) policy decision. 

The Pound to Canadian Dollar rate has fallen to new post-referendum lows and could be set to remain under pressure ahead of next week’s UK wage data and Bank of England (BoE) policy decision due to a more hawkish turn in the Bank of Canada’s (BoC) interest rate stance.

The Pound to Canadian Dollar rate opened the new week on its back foot but could attempt to retest a nearby technical resistance barrier around 1.6157 overhead on the charts if the Bank of Canada (BoC) signals on Wednesday that a slower pace of interest rate rises may be likely up ahead. 

The Pound to Canadian Dollar exchange rate has lifted tepidly from close to three-year lows and has been aided by a supportive turn in UK government bond yields, although it could struggle to advance much beyond the 1.6150 level this week due to the ongoing resilience of the Loonie.

The Pound to Canadian Dollar exchange rate has stabilised following a nine percent decline since Russia began its faltering conquest of Ukraine, although it could struggle for momentum upon any recovery above 1.59 in the days ahead due to a resilient Loonie and softer Sterling. 

The Pound to Canadian Dollar rate tumbled to a five year low following last week’s Bank of England (BoE) monetary policy decision but could find a footing above the nearby 1.58 handle this week if the Loonie cedes further ground to the U.S. Dollar in the days ahead. 

The Pound to Canadian Dollar exchange rate signed off on a hat-trick of weekly declines last Friday but may be at risk of further losses that would see it sliding to a new five year low this week and in the wake of Thursday’s policy decisions from the Federal Reserve (Fed) and Bank of England (BoE). 

GBP/CAD plumbing lowest since September 2019, could remain suppressed near 1.6200 short-term.

GBP/CAD under pressure & losing grip on 1.66 and is at risk of deeper decline & could slip sub-1.65.

A combination of steady rate hikes at the Bank of Canada and elevated oil prices keep a number of foreign exchange strategists we follow bullish on the Canadian Dollar's outlook.

GBP/CAD could struggle to recover above 1.67, could languish sub-1.67 & risks dip below 1.65.