The Bank of Canada look likely to becoming towards the end of their rate cutting cycle after they opted to keep current interest rates on hold, keeping in tune with the pause in rates in April as well.
Prior to April's pause, the Bank of Canada had cut interest rates at seven consecutive meetings but now seem content to remain cautious with rate decisions whilst they try to navigate these uncertain times. Alongside this sentiment, Governor Tiff Macklem failed to rule out further interest rates later in the year.
GBP/USD has also risen to highs of 1.3580 this morning after Services PMI in The US disappointed yesterday. The drop by 1.7 points last month showed a notable downturn in business activity and new orders.
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