The Canadian Dollar fell after the Bank of Canada cut interest rates and communicated that it remained committed to further cuts in the coming months.
The Pound is undergoing a pullback against the Canadian Dollar, which we think can extend in the coming days.
CAD is the best-performing G10 currency on the day it is reported the Canadian economy grew at an annualised rate of 2.1% in Q2, which is above the 1.8% rate expected by the consensus of economists and the Bank of Canada's forecast for 1.5%.
Pound-Canadian Dollar Week Ahead Forecast: Pulling Back, but 2024 Highs Still on the Cards
- Category: CAD
There has been some interesting price action in the Pound to Canadian Dollar exchange rate (GBP/CAD) already this week, with the pair breaking down by 0.40% on Monday.