$GBPCAD - CA Economy Significant Headwinds + Boe rate hikes a go

FX:GBPCAD   British Pound/Canadian Dollar
281 4 10
Currently we are sitting on major support. We had break of trend on 7 day RSI .
See chart for technical areas of interest.

Carney hawkish.
Poloz dovish.
CA             economy dragged by oil             .
Deflation on GB             not a major concern.

Low inflation is sparking consumer spending which what I like to see to support a rate hike.
BoE deputy governor Ben Broadbent says in an interview that bad deflation isn't a threat to Britain
Good deflation helping boost demand and output
Will watch for signs of price falls hitting wage growth
Only risk to GBP is going to be elections.

BOC             tone is reflective of the domestic data and international developments; with a
core focus on the price of oil             .

For CAD next week’s GDP will provide some evidence as to how January growth evolved and will be important for CAD.

One of the top currency analysts in this site...great stuff all around.
I'll join you but first I'll short the impending retracement taking profit where I'd like to enter long.
My monthly target for this pair is 1.9971, to be reached within 3 months or less.
+1 Reply
IvanLabrie PRO IvanLabrie
+1 Reply
HiTech PRO IvanLabrie
I agree on the CAD weakness, especially against USD and JPY. But considering the lack of strengthen on GBP, GBPCAD could be consolidating for the time being.
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Look at that last daily bar...
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