Last week’s high: CA$1.6432
Last week’s low: CA$1.6261
Canadian Dollar Muted, Oil Rises on Iran Tensions
On Monday, Canadian wholesale trade slumped 1.8% in May following five months of gains, which pushed CAD to a nine-day low.
Meanwhile, the Pound gained some temporary support as Boris Johnson was elected UK PM – bringing an end to short-term political uncertainty – but later declined on no-deal Brexit fears.
Towards the end of the week the Canadian Dollar came under additional pressure as the CFIB Business Barometer came in at 57.8, down from the previous reading of 61.5, but GBP/CAD still closed out the week lower.
CAD Outlook: Strong Canadian GDP to Buoy CAD?
The Canadian Dollar could rally this week following the release of Canada’s GDP data if the report shows an improvement in output.
Meanwhile, on Thursday a dovish Bank of England (BoE) interest rate decision could leave Sterling under pressure.
Any signs that the BoE is considering cutting UK interest rates would be GBP-negative.
0:01 GBP GfK Consumer Confidence (July)
13:30 CAD GDP (May)
09:30 GBP Markit Manufacturing PMI (July)
12:00 GBP BoE Interest Rate Decision
12:00 GBP BoE Inflation Report
14:30 CAD RBC Canadian Manufacturing PMI (July)
09:30 GBP Markit Construction PMI (July)