Yesterday’s high: C$1.6756
Yesterday’s low: C$1.6671
GBP/CAD Gains thanks to Brexit-Based Optimism
The Pound saw a 0.3% advance against the Canadian Dollar yesterday thanks to a speech from Prime Minister Theresa May.
While Pound traders were initially rattled by news of a -12.2% decline in new car sales, reactions to the data were short-lived.
The PM struck a reassuring tone, stating that the government was prepared for the challenges of Brexit and that there would be greater collaboration with UK businesses.
The afternoon’s Canadian news was positive, as it revealed a rise in the Ivey PMI for October. This measures overall economic activity.
The increase from 59.6 points to 63.8 was good news, but not enough to cause a CAD rally.
CAD Outlook: BOC Governor may Cause CAD Volatility Today
There is little notable UK data out until Friday, which might leave Canadian data as influence on GBP/CAD.
Of particular note is this evening’s speech from Bank of Canada (BOC) Governor Stephen Poloz.
Speaking in Montreal, Poloz could discuss future BOC monetary policy.
Comments supporting tighter monetary policy might cause Canadian Dollar gains, while ambiguous statements could lead to CAD losses.
19:10 CA Bank of Canada (BOC) Governor Stephen Poloz Speech
09:30 UK Trade Balance
If you need to make a CAD transfer but don’t have an account with us, click here to get started.
T: +44(0)1442 892 060