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GBP/CAD Exchange Rate Rallies, UK-EU Post-Brexit Relations Agreed

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.

Key Events

26th November

09:30 UK Mortgage Approvals (Oct)

27th November

11:00 UK CBI Distributive Trades (Nov)

28th November

10:00 UK BoE Financial Stability Assessment

10:00 UK BoE Brexit Deal Assessment

30th November

00:01 UK Consumer Confidence (Nov)

13:30 CA GDP (Q3)


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To keep up to date with the Canadian Dollar, visit the CAD blog in our Currency News section.

Alastair Archbold
Currency Trader
T: 01442 892 066

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