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Are further Gains Ahead for GBP/CAD?

Yesterday’s high: C$1.6845

Yesterday’s low: C$1.6721

Pound Continues to Climb Despite Job Market Concerns

While the latest UK job market report continued this week’s trend of underwhelming UK data, the Pound still saw some support towards the end of Wednesday’s European session thanks to fresh comments from Bank of England (BoE) Deputy Governor Ben Broadbent.

Broadbent stated that if the Brexit process has a negative impact on UK productivity, this could pressure the bank to raise interest rates at a more rapid pace.

Amid a lack of notable Canadian ecostats in recent sessions, as well as weaker oil prices, the Canadian Dollar has had little to lend it support. This has made it easier for GBP/CAD to climb to its best levels since the beginning of the month.

CAD Outlook: Canadian Inflation Stats Anticipated

The Pound to Canadian Dollar exchange rate could climb on Thursday if Britain’s October retail sales data comes in higher than expected.

The biggest opportunity CAD has for gains though, is Friday’s Canadian inflation report.

If Canadian inflation beats expectations in October, it will boost hopes that underlying inflation trends are strong and will lead to surging inflation in 2018. This would also up bets that the Bank of Canada (BOC) could hike Canada’s interest rate again in the coming months.

Key Events

16th November

09:30 UK Retail Sales

13:30 Canadian Manufacturing Sales

17th November

09:30 UK Public Sector Net Borrowing

13:30 Canadian Inflation Rate

23rd November

09:30 UK Growth Rate

13:30 Canadian Retail Sales

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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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