Yesterday’s high: C$1.6527
Yesterday’s low: C$1.6484
Canadian Dollar Traders Overlook Rising Oil Prices
The Pound to Canadian Dollar exchange rate continued to trend near the week’s best levels on Wednesday, but experienced little movement overall.
A lack of new notable UK or Canadian ecostats left both currencies relatively limp, and ‘Loonie’ traders were largely overlooking oil price news.
While prices of oil, Canada’s most lucrative commodity, have strengthened in recent sessions due to hopes that the oil market is rebalancing, this has had no notable impact on Canadian Dollar trade so far.
CAD Outlook: Canadian Housing Data Ahead
The Pound to Canadian Dollar exchange rate could continue to see relatively flat trade in the coming days unless August’s Canadian house price index surprises investors.
If Canada’s housing data comes in better-than-expected, this could boost the ‘Loonie’. Persistently strong oil price news could also eventually influence Canadian Dollar trade.
Any surprising political developments from the UK will, of course, have an impact on GBP/CAD exchange rate movement too. For example, if there is any progress in the Brexit process, Sterling could strengthen.
13:30 Canadian Housing Prices
14:00 UK BoE Haldane Speech
20:15 Canada BOC Wilkins Speech
09:30 UK Inflation Rate
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