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.
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.