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GBP/CAD Exchange Rate Rocked by Ongoing Brexit Uncertainty

Last week’s high: C$1.7610

Last week’s low: C$1.7340

 

Pound Rocked by Brexit Uncertainties

Brexit continued to cast a long shadow over the Pound to Canadian Dollar exchange rate last week, with heightened uncertainty driving further volatility in the pairing.

This initially saw Sterling spike in the first half of the week after Theresa May announced she would hold cross-party talks with Labour in an attempt to find a working Brexit solution.

However sentiment quickly soured again at the end of the week as these talks failed to deliver any meaningful progress.

Meanwhile the Canadian Dollar struggled to take advantage of the Pound weakness last week as it faced pressure due to a dip in oil prices and a shock contraction in Canadian employment in March.

 

CAD Outlook: Watch Out for an Eventful EU Summit

Looking ahead, we look set for another explosive session of Brexit developments this week, likely driving further volatility in the GBP/CAD exchange rate.

This will mostly revolve around the EU’s upcoming emergency EU summit, where leaders will decide on how best to proceed.

Meanwhile a lull in notable Canadian economic data is likely to leave the Canadian Dollar vulnerable to external influences this week, something that could prove positive for CAD if US-China trade optimism continues to bolster market risk appetite.

 

Key Events

8th April

13:15 CA Housing Starts (Mar)

10th April

09:30 UK Industrial Production (Feb)

09:30 UK Trade Balance (Feb)

09:30 UK GDP (Feb)

19:00 UK EU Brexit Summit

11th April

13:30 CA New Housing Price Index (Feb)

 

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

Alastair Archbold

Foreign Exchange Manager

aja@fcgworld.co.uk

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