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.
13:15 CA Housing Starts (Mar)
09:30 UK Industrial Production (Feb)
09:30 UK Trade Balance (Feb)
09:30 UK GDP (Feb)
19:00 UK EU Brexit Summit
13:30 CA New Housing Price Index (Feb)
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Foreign Exchange Manager