GBPCAD Chart Technical Outlook is under increasing bearish pressure, with 1.6945 support on focus
The Pound plunged across the board on Friday as downbeat UK retail sales strengthened the case that the BoE might start lowering rates ahead of schedule.
The GDP/CAD broke the bottom of a large wedge pattern amid growing bearish pressure and is now looking to retest 1.6940.
Investors focus os on Tuesday’s UK CIPS PMI, another soft reading that might accelerate the pair’s decline, and confirm a butterfly formation targeting late December’s lows at 1.6760.
In Canada, Wednesday’s retail sales will be a key event to consider.
On the upside, the previous support and reverse trendline, at 1.7100 area might be retested before resuming the downtrend. Above here, this view wold be negated.
