FX.co ★ GBP/CAD

General points of GBPCAD: Currently, the GBPCAD market is closing at the 1.7502 level, indicating that the upcoming UK news events this week have not provided any significant benefits for the Great British Pound. Despite expectations surrounding these events, the pound has struggled to gain substantial momentum, and the market has remained relatively subdued. In contrast, the Canadian CPI rate has been much stronger, providing a boost to the Canadian Dollar. This stronger economic data from Canada has reinforced the bearish sentiment surrounding the GBPCAD pair, making it more likely that the market will trend toward the sellers this week. The recent performance of the Canadian Dollar highlights the market's favoring of the Loonie, as the Canadian CPI data has shown robust inflationary pressures. This suggests that the Bank of Canada may continue its hawkish stance, further supporting the CAD. On the other hand, the UK news releases this week, which were expected to have a major impact on the GBP, have failed to provide the expected positive boost. The lack of positive market-moving news from the UK, combined with the stronger Canadian economic data, has created a more favorable environment for sellers in the GBPCAD market.

In a broader view, next week will bring the release of the Canadian GDP rate, which could provide additional support for the Canadian Dollar if the data shows strong economic growth. In contrast, there is no major news expected from the GBP next week, which further weakens the outlook for the British Pound. Without any new positive developments from the UK, the pressure on the GBP is likely to persist, and the GBPCAD market is expected to remain under selling pressure. For this reason, I anticipate that the GBPCAD market will continue to move in favor of the sellers and could potentially reach the 1.7465 level. This price level represents a key support point, and a move towards it would signal a continuation of the bearish trend.