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GBP/CAD – A Tale of Two Consumers (Video)

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The Canadian dollar is on the rise again on Tuesday after retail sales released for June surpassed expectations, at least on a core basis, and continued the positive trend of the last couple of years. The data comes at a time when the Bank of Canada is considering raising rates again having embarked on a new cycle of tightening last month.

The data came at a time when the pound was already coming under renewed pressure making GBPCAD one of the worst performing pairs on the day. Not only that, a major support level has been taken out in the process which may suggest that much more substantial downside lies ahead.

Senior Market Analyst Craig Erlam discusses all of the above and gives his analysis of the GBPCAD chart.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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