Sell GBPCAD on retracement during EU Session's Today
HI guys, please find my thread ideas for this week.
GBP pairs opened a little lower today with comments from UK Chancellor of the Exchequer on Friday to the Financial Times causing concern in Europe over the weekend, bureaucrats there warning of dire economic impact, and manufacturers at home the same.
For Pound, It is all about data, data, data for the pound this week. With the hot topic being a possible rate cut by the BOE, all eyes will turn towards the labour market report tomorrow and post-election PMI data later on Friday. And with the odds of a 25 bps rate cut by the BOE on 30 January sit at ~70%, I expect GBP to remain under pressure.
As for CAD, with Oil as the main mover after weekend news that Libya is curtailing its exports by 800k barrels per day. Brent is up by 1.2% to $65.63 at the moment. And this may support CAD for this week.
Target for GBPCAD is at 1.688 (today's ATR) and it is also the lowest support since Nov 19.
Let me know your comment at below. Thanks
GBP pairs opened a little lower today with comments from UK Chancellor of the Exchequer on Friday to the Financial Times causing concern in Europe over the weekend, bureaucrats there warning of dire economic impact, and manufacturers at home the same.
For Pound, It is all about data, data, data for the pound this week. With the hot topic being a possible rate cut by the BOE, all eyes will turn towards the labour market report tomorrow and post-election PMI data later on Friday. And with the odds of a 25 bps rate cut by the BOE on 30 January sit at ~70%, I expect GBP to remain under pressure.
As for CAD, with Oil as the main mover after weekend news that Libya is curtailing its exports by 800k barrels per day. Brent is up by 1.2% to $65.63 at the moment. And this may support CAD for this week.
Target for GBPCAD is at 1.688 (today's ATR) and it is also the lowest support since Nov 19.
Let me know your comment at below. Thanks