GBPCAD Bullish Trend continuation

16 Agu 2023

The Canadian dollar fell past the 1.34 per USD level, an over two-month low, as the greenback remains strong amid bets the Fed will need to keep interest rates elevated for longer. At the same time, oil prices fell from recent highs and Canada posted the largest trade deficit since November 2020, highlighting the extent of net outflows of the domestic currency from the economy, and pressuring the Loonie. On the other hand, annual inflation rate in Canada rose more than expected in July and the core rate failed to slow as anticipated, keeping a range of possibilities open for the Bank of Canada, as the bank considers the need for another rate hike in September. So from my side of view Cad will remain weak..... looking at my analysis on GBPCAD we had a breakout of 1.71262 Level and a retest so we might continue buying the dip until 1.73236 which will be my TP.