{"id":82323,"date":"2019-11-19T09:29:29","date_gmt":"2019-11-19T14:29:29","guid":{"rendered":"https:\/\/currencylive.com\/?p=82323"},"modified":"2019-11-19T09:29:29","modified_gmt":"2019-11-19T14:29:29","slug":"101536-gbp-cad-pair-turns-bearish-after-strong-rally","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\/","title":{"rendered":"GBP\/CAD: Pair Turns Bearish After Strong Rally"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F82323&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-65277\" style=\"padding-top: 5px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/11\/transferwise-inline-banner-money-transfer.jpg\" alt=\"\" width=\"670\" height=\"125\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">GBP\/CAD declines on Tuesday after a long-lasting rally that started on November 7. The pair just broke the support line of the uptrend, and the chances are that the decline will continue.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, one British pound buys 1.7078 Canadian dollars, down 0.15% as of 9:35 AM UTC. Yesterday, the pair hit the highest level since May 21. The pound was driven by Brexit optimism, as UK polls showed that the ruling Conservative Party was in a much better position versus the opposition Labour Party for the national election scheduled for December 12.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Besides, UK Prime Minister Boris Johnson pledged to support domestic businesses through tax cuts and other measures.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The uncertainty and pessimism surrounding the US-China trade relationship added to the pressure on the Loonie, which benefited the pound.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, some glimpse of hope came back on Tuesday, forcing the GBP\/CAD pair to depart from its recent high. On Monday, Goldman Sachs analysts wrote in a note that the pressure from the Sino-US trade conflict will ease next year, giving the global economy more freedom to accelerate growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Besides, China\u2019s central bank is ready to implement some stimulus to boost the economy, with analysts arguing that the measures will help the global economy as a whole.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yi Gang, governor of the People\u2019s Bank of China (PBOC), said that the bank would increase credit support to the country\u2019s economy by cutting real lending rates. The move comes shortly after the central bank cut its short-term funding rate for the first time in four years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The PBOC will present its interest rate decision tomorrow morning. <\/span><a href=\"https:\/\/www.reuters.com\/article\/us-china-economy-lpr\/china-widely-expected-to-trim-lending-benchmark-lpr-analysts-idUSKBN1XT15G\"><span style=\"font-weight: 400;\">According to<\/span><\/a><span style=\"font-weight: 400;\"> Reuters, a recent survey showed that all 64 respondents expect a reduction in the one-year loan prime rate (LPR), while 37 respondents anticipate another cut in the five-year LPR.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lu Ting, Nomura Hong Kong\u2019s chief China economist, commented:\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cAs the one-year MLF rate is the benchmark for the LPR, we expect the one-year LPR to be cut by slightly more than 5 bps on Nov. 20 from 4.20% per annum currently.\u201d<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F82323&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-65277\" style=\"padding-top: 5px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/11\/transferwise-inline-banner-money-transfer.jpg\" alt=\"\" width=\"670\" height=\"125\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/CAD declines on Tuesday after a long-lasting rally that started on November 7. The pair just broke the support line of the uptrend, and the chances are that the decline will continue.\u00a0 Currently, one British pound buys 1.7078 Canadian dollars, down 0.15% as of 9:35 AM UTC. Yesterday, the pair hit the highest level since [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":82331,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1379],"tags":[1386,1657,1680,1683,1854,1394],"class_list":{"0":"post-82323","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-gbp","9":"tag-brexit","10":"tag-british-pound","11":"tag-cad","12":"tag-canadian-dollar","13":"tag-exchange-rate","14":"tag-gbp"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/CAD: Pair Turns Bearish After Strong Rally - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/CAD: Pair Turns Bearish After Strong Rally\",\"datePublished\":\"2019-11-19T14:29:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\\\/\"},\"wordCount\":585,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/canadian-dollar-british-pound-exchange-rate.jpg\",\"keywords\":[\"Brexit\",\"british pound\",\"cad\",\"canadian dollar\",\"exchange rate\",\"gbp\"],\"articleSection\":[\"CAD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101536-gbp-cad-pair-turns-bearish-after-strong-rally\\\/\",\"name\":\"GBP\\\/CAD: Pair Turns Bearish After Strong Rally - 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