GBP/CAD is under pressure ahead of the Bank of Canada's Wednesday decision.
The Canadian dollar is vulnerable to further weakness as the Bank of Canada is set to leave the door open to further interest rate cuts at next week's meeting.
Bank of America says risk-reward now favours a move higher in the Canadian dollar. despite the prospect of delayed rate cuts in Ottawa.
GBP/CAD could ease back from last week’s multi-year peak in the coming days as short-term momentum unwinds from overextended levels.