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British Pound/Canadian Dollar (GBP/CAD) Exchange Rate
GBP/CAD Pivot Points
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Yesterday’s surprise vote by two of the nine MPC voting members of the Bank of England in favor of an interest rate cut further rattled the British Pound.
The US Dollar edged lower versus the Canadian Dollar during Monday trade in Asia as investors await the upcoming NAFTA deadline.
The GBP/CAD pair had a rocky month of May, as we fell from the previous gap that was filled.
The British pound has rallied against the Canadian dollar as of late. Get the forecast for the month of April 2017 here.
The GBP/CAD pair is an interesting pair at the moment. We continue to see bearish pressure early in the day, but then will turn right back around to show bullish pressure after that.
The GBP/CAD pair fell initially during the course of the session on Thursday, but found the 1.70 level below supportive enough to turn things back around and form a bit of a hammer.
The GBP/CAD pair initially fell on Tuesday, but found enough support near the 2.08 level to turn things back around and form a hammer.
The GBP/CAD pair rose during the session on Friday, breaking out above the recent consolidation barrier. Because of this, it now appears that the market is ready to go to the 2.05 level, which of course is more than obviously a large, round, psychologically significant number for the markets to focus on.
The GBP/CAD pair found quite a bit of bullish pressure to the upside during the day on Wednesday, as we made a fresh, new high.
The GBP/CAD pair continues to show strength, as Monday saw the pair test the 1.95 level yet again. We did break above there, and have essentially made what could be a double top, but it’s a bit early to start thinking about selling this pair.
The GBP/CAD pair initially fell during the course of the session on Monday, but turned back around near the 1.9350 level to form a massive hammer.
The Canadian Dollar held close to a 4-year trough versus its North American counterpart, the U.S. Dollar, following comments made by officials at the Bank of Canada which seemed to suggest that monetary policy there is headed for a significant change.
The GBP/CAD pair initially fell during the session on Monday, but as you can see bounced enough to form a nice looking hammer.
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GBP/CAD fell during the session on Tuesday again as downward pressure continues to push this market around. The pair isn’t the most liquid out there, but the fact that the 1.57 level has offered so much support shows just how important the area the market finds itself in is.
The GBP/CAD Daily Chart appears to be forming a head & shoulders formation, indicating that price could drop soon.