The Pound has once again failed at a key resistance area against the Canadian Dollar, and we predict a pullback in the coming week.
Canadian Dollar: GBP/CAD Strengthens as Job Report Keeps Alive Prospect of 50bp BoC Cut
- Category: CAD
The Canadian Dollar fell following a below-consensus labour market report that keeps alive the prosepct of the Bank of Canada stepping up the pace of its rate cutting cycle with a 50 basis points chop.
The Canadian Dollar fell after the Bank of Canada cut interest rates and communicated that it remained committed to further cuts in the coming months.
The Pound is undergoing a pullback against the Canadian Dollar, which we think can extend in the coming days.