GBP/CAD could be worth keeping an eye on over the coming days as a slew of key economic data from the UK and Canada’s inflation figures for October are due this week.
The pair had been trending downwards since its late February high, but has managed to push higher in a rising triangle after bouncing from the lows it hit in September. GBP/USD currently trades just below its 50% retracement around 1.5718, and price action around this key level could determine which side of the triangle the pair breaks.
Will GBP/CAD extend its recent rebound, or will it start a new leg lower?
Check out this article for an insight into what to expect from the economic data this week, as well as a deeper technical analysis into this pair: