GBP/CAD – A Tale of Two Consumers (Video)

The Canadian dollar is on the rise again on Tuesday after retail sales released for June surpassed expectations, at least on a core basis, and continued the positive trend of the last couple of years. The data comes at a time when the Bank of Canada is considering raising rates again having embarked on a new cycle of tightening last month.

The data came at a time when the pound was already coming under renewed pressure making GBPCAD one of the worst performing pairs on the day. Not only that, a major support level has been taken out in the process which may suggest that much more substantial downside lies ahead.

Senior Market Analyst Craig Erlam discusses all of the above and gives his analysis of the GBPCAD chart.

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.