With both technical and fundamental indications aligned to the Canadian dollar rising versus the pound, we see further downside as the most likely scenario for the pair in the week ahead
The outlook is bullish for the pair after moving above the key 1.8753 highs, however, so rapid has its rise been it may pause to consolidate in the short-term
GBP/CAD is close to a major support level, however, another boost to oil could help it blast lower, with 1.78 potentially in sight
The trajectory for the GBP to CAD pair is unambiguous warns a new analysis from Canada’s RBC Capital Markets.
After breaking out of a right angled triangle pattern and moving lower, the pair has reached and surpassed its initial target at the S1 monthly pivot at 1.8375, and is now on its way down to the next target at the April 2015 lows at 1.8139.