The Canadian pound and expectations of a decline

On the economic side:

The Canadian pound pair retreated during trading today, Tuesday, and from the British economy, investors lowered their bets on lowering interest rates after the release of the data, as they expected 58 basis points of easing from the Bank of England this year, which will keep the Bank of England in an uncomfortable position in light of higher wage growth today with inflation steady.

However, Bank of England Governor Andrew Bailey said on Tuesday that the latest labor market data does not change the central bank's overall outlook for the economy.

The focus of investors will be on the inflation data in the UK tomorrow.

On the other side of the Canadian economy, today we are waiting for Canadian inflation data and expectations that it will rise by more than the previous month.

At the technical level :

The pair is now trading inside an ascending price channel on the four-hour frame, an ascending wedge that the pair is trying to break down and close below.

Expectations indicate that the pair will continue to decline towards the levels of 1.7810 as an initial target, and then 1.7750 towards the levels of the main uptrend on the daily frame, especially if Canadian inflation rises today as expected.

This scenario fails in the event of a breakout of 1.7930 upwards.