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New GBP/CAD Big Trade Orders 11.02.2015 +70
BK Big Trade- Close GBP/CAD at 2.0205 for +70
11/3 Update -- Order to Buy 1 Lot GBP/CAD at 2.0135 TRIGGERED
New GBP/CAD Big Trade Orders
Place Order to Buy 1 Lot GBP/CAD at 2.0135
Place Order to Buy 1 More at 1.9940
Stop for ALL at 1.9760
The Bank of England monetary policy announcement and the BoE Quarterly Inflation Report are the 2 most important event risks for Sterling this month. The BoE is not expected to raise interest rates but the minutes are now released alongside the rate decision and there’s a small but realistic possibility that one additional monetary policy committee member will join Ian McCafferty in voting for an immediate rate rise. The Quarterly Report should be positive especially after today’s sharp rise in the PMI manufacturing index. Although inflation remains low, retail sales was very strong in September. Even a slightly hawkish outcome to Thursday’s events will be enough to drive sterling above 1.55. Meanwhile we expect this week’s Canadian economic reports to add pressure on CAD. Canada’s trade balance, IVEY PMI and employment reports are scheduled for release this week and we believe that all 3 reports will highlight the vulnerabilities of Canada’s economy and in the process reinforce the Bank of Canada’s concerns.