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Can GBP/CAD Recover Last Week’s Losses?

Friday’s high: C$1.6799

Friday’s low: C$1.6662

Strong Canadian Employment Change Boosts ‘Loonie’

A solid Canadian job report boosted demand for the Canadian Dollar at the end of the week and pushed GBP/CAD down to weekly lows.

Canada’s participation rate improved from 65.6% to 65.7% in October, which made the unemployment rate worsen from 6.2% to 6.3%. However, the stronger than expected rises in full-time employment and overall employment impressed investors.

Full-time employment rose by 88.7k in October and the overall employment change figure came in at 35.5k, much higher than the forecast 15k.

The Pound was unable to hold its ground, despite the morning’s stronger-than-expected UK services PMI.

CAD Outlook: Brexit Developments Could Strengthen Pound

Next week’s economic calendar will be relatively quiet in terms of data from Britain and Canada, so investors are likely to focus on potential political developments.

With 2017 drawing to a close, the pressure is on for UK-EU negotiations to speed up. Pound investors are hoping the first phase of talks will be concluded before the end of the year so trade talks can begin in earnest.

Upcoming UK data includes September’s trade balance results and manufacturing/industrial production figures – all of which are due out on Friday.

As for Canadian data, we’ve got Monday’s Ivey PMI and housing data in the middle of the week.

Key Events

6th November

15:00 Canadian Ivey PMI

8th November

13:15 Canadian Housing Starts

9th November

13:30 Canadian New Housing Price Index

10th November

09:30 UK Balance of Trade

09:30 UK Manufacturing and Industrial Production

09:30 UK Construction Output

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To keep up to date with the Canadian Dollar, visit the CAD blog in our Currency News section.

Richard Beaumont


Currency Broker
T: +44(0)1442 892 060

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