GBP/CAD Technical Analysis

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As you can see, GBP/CAD broke out from a triangular formation and retested it with a bearish flag and I expect to see a great breakout towards 1.70123 as our first TP and if it manages to break it, we could see GBP/CAD continuing its drop towards the bottom of the triangle at 1.68500.

From a fundamental perspective, looking at the economic calendar, we have a BOC rate statement in 5 hours, so keeping rates at 0.25% will make CAD soar, leading to a drop in GBP/CAD and other CAD denominated pairs.

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