GBP/CAD: headed to 1.6500? - Scotiabank

Analysts at Scotiabank explained that GBP/CAD is still soft but support around the 50% Fib retracement level continues to hold. 

Key Quotes:

"The broader tone here remains weak and we think current price action reflects a minor consolidation ahead of another push lower."

"Shorter-term trend oscillators are aligned bearishly for the GBP and we still view upside risks as being very limited from here— essentially no higher than the trend support that now becomes resistance at 1.7135."

"We continue to view the cross as on track for a fall to 1.65 or so (the lower end of the target range we noted previously) at least and feel loss of support in the mid/upper 1.67s (200-day MA at 1.6762 currently) on a sustained basis would point to the risk of losses extending over the medium term."