The Carney cross continues to sizzle ahead of the Bank of England

GBP/CAD near the top of the pack again today

Sterling is the best performer today for the second day while CAD leads only the New Zealand dollar.

The GBP/CAD pair has been in a nice uptrend since early September and it has accelerated in the last two weeks in a rip to 1.71 from 1.64, including 300 pips in the past two days.

I wrote about the Carney cross yesterday, saying «The pair is looking strong and is a spot GBP longs should consider, especially those expecting something hawkish from Carney this week who want to avoid USD risk.»

With the latest gain, the is into a bit of a technical vacuum until 1.75, although there is some resistance at the May 31 low of 1.7575. There is also an inverted head-and-shoulders pattern that points to above 1.75.

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