GBPCAD Remains Under PressureThe short idea issued inGBPCAD has seen the market trading down towards the target at 1.5894. While we’veseen a little corrective action recently, the bias remains firmly bearish forthe pair while below the 1.6293 level, keeping the focus on an eventual test ofthe 1.5899 level. Retail traders remain heavily long here and with both MACDand RSI still negative, there is plenty of room for the current decline tocontinue near-term.Keep An Eye OnThe big focus for GBPCAD thisweek will be tomorrow’s BOE meeting. While the central bank is expected to hikerates again, the market reaction to such a move will not necessarily be constructivefor GBP. Last time around we saw GBP lower on the back of the BOE as traders focusedon growth fears across the remainder of the year.
Source: Tickmill
