The GBP/CAD quotations on the daily chart have been moving in recent months in a narrow bullish channel. You can see that there is a kind of balance between these currencies. Recently, oil prices have surprised positively and are still going upwards, reaching new heights of ongoing correction. This seems to be the result of production cuts by OPEC countries. Price of oil supports the Canadian currency, which can lead to a turn on the chart and movement towards the bottom edge.

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The pound is, of course, dependent on brexite. In the near future, British politicians will meet the heads of state of the European Union. What is at stake are the changes in the earlier agreement, mainly concerning the Irish border, to the extent that they allow the British Parliament to pass through the agreement. On 26 February we will see the results of these meetings, then a debate will take place, and the day after the vote. Time is running out, and it seems that if there are no positive media reports, the pound may weaken, all the more so to the Canadian currency, which will be supported by oil quotations.

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