GBPCAD - Bearish Bias

GBP - Strong Bearish
1️⃣ The Bank of England kept its interest rates unchanged in its November meeting, compared to market expectations for a 15 basis point hike.
2️⃣ Brexit concerns resurfaced when there was a threat that UK Brexit negotiator David Frost might trigger Article 16 (Northern Ireland Protocol).
3️⃣ UK GDP is expected to shrink in the third quarter following the decline in retail sales and trade balance during the period.

CAD - Weak Bullish
1️⃣ WTI crude oil prices rose 1% on Monday amid hopes of a recovery in demand after the US approved a USD 1.2 trillion infrastructure bill last weekend.

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Technical
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We are looking to sell the GBPCAD on SBR levels.

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Risk to this trade
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Any change in sentiment could turn the pair's direction.

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