Last week’s high: C$1.7074
Last week’s low: C$1.6861
Pound Lifted by Positive Brexit Progress
The Pound Canadian Dollar exchange rate rallied last week as markets cheered the progress made in Brexit negotiations.
This was most evident on Thursday as Sterling shot up on the announcement that the UK and EU had reached an agreement outlining post-Brexit relations.
Meanwhile, the Canadian Dollar fluctuated through much of last week’s session due to some dramatic swings in oil prices, with the commodity striking a 2018 low on Friday, offsetting some stronger-than-expected Canadian inflation figures.
CAD Outlook: Slowdown in GDP to Weaken CAD?
Looking ahead, Canada’s economy will be under the spotlight this week with the release of the country’s latest GDP figures.
This is likely to see the ‘Loonie’ stumble if growth is shown to have slowed in the third quarter as expected.
Meanwhile, once the Pound has gotten over Sunday’s EU summit, the focus is likely to turn to the Bank of England as it publishes its assessment of the Brexit deal and its impact on the UK economy vs a no-deal Brexit.
09:30 UK Mortgage Approvals (Oct)
11:00 UK CBI Distributive Trades (Nov)
10:00 UK BoE Financial Stability Assessment
10:00 UK BoE Brexit Deal Assessment
00:01 UK Consumer Confidence (Nov)
13:30 CA GDP (Q3)
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