workingtraders

Trend line acting as support. Looking for data for direction.

FX:GBPCAD   British Pound/Canadian Dollar
60 0 7
theworkingtrader.com

Technical : Short term double formed + trend line supporting.

Summary of the banks below. We are looking for unemployment rate data from CAD drive this trade in the short term. Positive surprise - downside trade. Negative data - upside trade.



Carney :


Low global CPI             and strong pound may weigh on UK prices for some time with possibility low global CPI             for an extended time.
Euro             Safe haven flows may support the pound.
Discredits UK house hold spending data due to low inflation .
Central banks need manage risk of low inflation on debt.
Tone is more less neutral - dovish.



Poloz (Bank of Canada) last statement.

To Summarize :

Central bank wants to see how the economy responds to the last rate cut and oil             prices.
They believe January rate cut gives greater confidence of reaching full capacity and stable inflation by the end of 2016

The only dovish statement is :
"We are in an uncertain setting"

Canada Ivey Purchasing is improving (50.80) vs (42.60 - previous).
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