The Canadian Dollar fell following a below-consensus labour market report that keeps alive the prosepct of the Bank of Canada stepping up the pace of its rate cutting cycle with a 50 basis points chop.

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%.