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Pound to Canadian Dollar: Soft Undertone

The GBP to CAD rate enters the new month having found a modicum of support in the form of the 1.85 level. However, the outlook remains skewed in favour of the Canadian unit.

The pound to Canadian Dollar exchange rate took a dive in the wake of news Canadian economic growth numbers blew analyst expectations.

There has since been a recovery in sterling’s position, but to us it looks unconvincing.

A slew of technical indicators on the exchange rate’s daily historical charts are advocating for further losses.

Indeed, “GBPCAD retains a Soft undertone.  The cross is still in consolidation mode and price signals remain equivocal on the directional risks from here,” says analyst Shaun Osborne at Scotiabank.



This post first appeared on Trading Blogs And Financial Markets Analysis, please read the originial post: here

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Pound to Canadian Dollar: Soft Undertone

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