The Canadian Dollar's sensitivity to a 'dovish' Bank of Canada is on the wane.
GBP/CAD is capped by a couple of significant technical resistance layers amidst focus on this week's Bank of Canada interest rate cut.
CIBC Lowers Canadian Dollar Forecast
- Category: CAD
The Bank of Canada will lower interest rates with two back-to-back 50 basis point interest rate cuts, which means a weaker Canadian Dollar than previously predicted.
The Canadian Dollar was sold after inflation proved softer than markets were expecting in September.