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.
09:30 UK Retail Sales
13:30 Canadian Manufacturing Sales
09:30 UK Public Sector Net Borrowing
13:30 Canadian Inflation Rate
09:30 UK Growth Rate
13:30 Canadian Retail Sales
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