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GBP/CAD Fluctuates by Almost 3 Cents

Last week’s high: C$1.6215

Last week’s low: C$1.5936

GBP and CAD Weakened by Recession and Bank of Canada (BoC) Speculation

Despite spending most of the week attempting to advance, the Pound to Canadian Dollar exchange rate closed out the session in a weaker position.

The Canadian Dollar struggled throughout the week as rising US-China trade war tensions and fears for a full-blown currency war lessened demand for higher-risk currencies.

The Pound was weakened by a combination of no-deal Brexit fears, speculation about a possible UK general election and data showing a contraction of the British economy in Q2.

The UK growth data left the Pound reeling, but GBP/CAD losses were tempered by below-forecast Canadian jobs figures.

Canadian unemployment unexpectedly improved from 5.5% to 5.7%.

 

CAD Outlook: Bank of Canada (BoC) Speculation Could Keep CAD Pressured

Although the Pound may struggle to recoup losses against the Canadian Dollar next week, a lack of Canadian data could cap CAD’s potential for gains.

The one notable Canadian release is Thursday’s ADP employment report.

While the Pound could find some relief from upbeat inflation or employment figures, the looming shadow of Brexit and the prospect of a general election will continue taking a toll.

 

 

Key Events

13th August

09:30 UK Job Market Report

14th August

09:30 UK Inflation Rate

15th August

09:30 UK Retail Sales

13:30 Canadian ADP Employment Change

13:30 Canadian New Motor Vehicle Sales

16th August

13:30 Canadian Foreign Securities Purchases

 

 

 

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