Instrument: GBPCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.67900 with take profit at 1.67967.
Bearish Preference:
A sell position is envisaged if the price trades below 1.67688 with take profit at 1.67585.
Fundamentals:
CAD GDP m/m 1:30 PM
Comment:
Over the past couple of weeks attention has been on other Major Central Banks and their rate paths for the rest of 2023, allowing the Bank of Canada (BoC) to slide under the radar. Last week did bring the Bank’s Summary of Deliberations from the June meeting which confirmed that robust debates took place regarding the rate hike witnessed in June while also signaling a potential hike in July. The Central Bank stated it was surprised by the strength of the economy with household consumption remaining strong with underlying price pressure still evident across large swathes of the economy.
Analysis: SCRUM Team