Sterling has fallen to a more than two year low against the Canadian Dollar following Brexit. I do not expect a quick recovery for the Pound. Britain now has the added problems of political uncertainty with the resignation of David Cameron and our credit rating now being downgraded from AAA to AA status. It does not bode well. Despite the fact I think Sterling could weaken further, I would still be tempted to trade if I was a CAD seller. You certainly would not be doing badly to trade at current levels.
I was considering going through the various economic data releases for both Canada and the UK over the the next couple of weeks giving a prediction on which way I think each release will affect GBP/CAD. Then I realised there is no point as I expect every UK data release to be negative. I am worried for the future of the UK economy. I never have been a sadomasochist, but it seems the majority of the UK are. We are now witnessing the consequence of voting leave. I think Sterling will recover, but we need a strong government in place and trade negotiations need to quick and decisive.
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