GBP/CAD is slightly up on Monday, but the pair doesn’t seem to depart from the bearish mood. Currently, one British pound buys 1.6756 Canadian dollars as of 10:19 AM UTC, with the price edging up 0.05% for the day so far.

Nevertheless, the pair continues to move within a bearish channel that started to form on October 21, when Canada had its national election. That saw Prime Minister Justin Trudeau’s Liber Party securing votes for a minority government. The quotation should move above the 1.6800 level within the next hours in order to break the channel’s resistance line.

The Canadian currency looks stronger than its British counterpart, including because oil prices hit monthly peaks earlier today. However, the pair is still closely watching every Brexit-related update.

EU Finally Grants 3-Month Extension

Earlier today, European leaders have agreed to delay the Brexit deadline until January 31 of next year, which means the UK won’t leave the bloc next Thursday.

Donald Tusk, president of the European Council, said that the UK might leave before the new deadline if it manages to obtain parliament’s approval for the Brexit deal.

The EU’s decision comes the same day when the UK parliament is scheduled to vote on PM Boris Johnson’s proposal to hold an early general election on December 12.

Johnson hopes the popular vote would help him avoid the impediments coming from a parliament that blocked his plans to take the UK out of the bloc by October 31. However, opposition parties warned the PM that he should rule out a no-deal Brexit if he wants the parliament’s support.

In the weekend, Johnson insisted that the UK would leave the bloc next Thursday, but the law forces him to accept the EU’s offer.

GBP/CAD might become volatile as the UK parliament votes on an early election.


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