The GBPCAD has rallied sharply especially after especially after the release of the Bank of England minutes, but I think we could see a repeat of what happened in 2014. Economic data out of the UK could softened this summer and therefore the risk remains for a correction in this currency pair.

I am looking for a pullback of 500 pips which would be healthy and in my opinion necessary if the GBPCAD is to trade above the crucial 2.0000 mark. I also think that the Canadian Dollar is extremely oversold and ripe for a correction of its own.