For 3 trading days only, the GBPCAD currency pair has lost all of its growth of the last month. The negative effects of geopolitics affected the pound while the Canadian currency was heavily supported by an increase in prices for almost all the exported goods: wheat, oil, gold, and many other.
Yesterday, an attempt to bounce ended in the “bullish” failure. Now, market participants are expecting the meeting of the Bank of Canada on 2 March as a new driver for the Canadian dollar.
In case of fall, the minimum of 2022 will be a support at 1.695. In case of an upward bounce, the nearest target will be 1.714.
This content is for informational purposes only and is not intended to be investing advice.
