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The pound has scope to rise against the Canadian dollar in a week dominated by Canadian employment data and a Bank of England interest rate decision.

The pound to Canadian dollar exchange rate (GBP/CAD) is fresh off an uninterrupted run of ten consecutive daily losses and in need of recuperation.

Signs that sellers are losing their grip on the market are emerging with GBP/CAD rising to 1.8439 on Monday, having tested a low at 1.8325 on Wednesday.

Gains are modest, but the pair is stabilising from the selloff as it rises back to its nine-day exponential moving average (EMA), presently located at 1.8517.

Exchange rates tend to spend most of their time close to their nine-day EMA and the current lift in GBP/CAD reflects an effort to close the gap: it's a recalibration

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